Egypt’s ruling military council has suspended the constitution. On state television a spokesman said a committee will be formed to draft a new constitution for the country. The council will stay in power for 6 months, or until elections are held.
The same cabinet appointed by ousted President Hosni Mubarak will oversee the transition. Prime Minister Ahmed Shafiq says the main priority is to restore security, and the economy.
“Our internal economic position is solid and cohesive”, he said. “We have enough reserves in the coming period and our situation is comforting, very comforting.”
But he also warned that if instability continues, there may be some obstacles.
The stock market has remained closed since the beginning of the uprising, and the Finance Minister says latest forecasts indicate Egypt’s economic growth slowing to between 3.5 and 4 per cent in the coming financial year.
That’s still higher than most western countries but lower than the 6 per cent that had been forecast before the revolution.