Cairo: Egypt`s Islamist President Mohamed Mursi on Saturday played down the country`s economic woes and claimed that the transition period has ended with the new Constitution.
Addressing the newly-constituted Upper House of Parliament, Mursi said the country will witness a period of renaissance with the new constitution that has ended the transition period.
"All are equal before the law, and in this constitution," he said of the charter drawn up by an Islamist-dominated council and approved in a referendum, adding that there would be "freedom for all people, with no exceptions."
Mursi said that the Shura council or the Upper House holds now the country`s legislative authority and played down the country`s economic woes.
"General indicators for the social and economic situation have shown some noticeable progress," Mursi said.
Egypt adopted the Islamist-backed constitution after a two-thirds `yes` vote in a polarising referendum in December. Some 63 per cent backed the constitution in the referendum.
"By virtue of the constitution the transitional period has now ended," the Islamist president said.
After this new constitution, the country is going to witness a period of renaissance where all Egyptians have to unite, he said.
He denied the country is facing bankruptcy and said the economy was showing positive indices. He also denied Egypt will allow any country to interfere in its affairs nor will it interfere in the affairs of other countries.
He expected that the regime in Syria will not be able to survive the current situation and added that the security of the Arab Gulf is a collective responsibility of Arab states.
Mursi promised that the country would witness a new dawn as of now.
He said there were noticeable improvement of the economic indicators and brushed off the fact that the credit rating of Egypt was lowered saying it was expected amid political instability and that the country is still better than others despite being among the ten riskiest borrowers in the world.
The president also said there was an incremental increase in the number of tourists entering Egypt. He said that if it had not been for the incidents where some people used violence the numbers would have continued to increase.
Mursi also stressed the pillars for what he described as the New Egypt: the independent judicial estate, free media that is "distant from the interests of certain groups and their corrupt funding" as well as organisations of civil society which he said should be empowered.