Egypt Swears In Overhauled Cabinet Amid Economic and Regional Challenges

Date:

CAIRO, July 3 (Reuters) – Egyptian President Abdel Fattah al-Sisi inaugurated a significantly revamped cabinet on Wednesday, aiming to address a range of pressing issues including economic recovery, energy shortages, and regional conflicts such as the Gaza war.

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Following the resignation of the previous cabinet a month ago, Sisi reappointed Prime Minister Mostafa Madbouly and emphasized priorities such as reducing inflation and boosting investment.

Ahmed Kouchouk, formerly deputy finance minister and lead negotiator with the International Monetary Fund, assumes the role of finance minister, pledging to uphold fiscal discipline, reduce debt, and implement structural reforms to foster private sector growth.

Rania al-Mashat, retaining her role from the previous administration, expands her portfolio to include planning and economic development alongside her responsibilities in international cooperation and development financing.

Hassan El Khatib, with a background in finance from the European Bank for Reconstruction and Development, steps into the revived position of investment minister.

The announcement of these appointments prompted a rally in Egypt’s sovereign dollar bonds earlier in the day, particularly the longer-dated maturities.

Addressing critical shortages in gas and electricity, Karim Badawi, newly appointed petroleum minister, prioritizes fuel supply to power stations, while Mahmoud Esmat takes over as electricity minister to address ongoing power cuts.

Sherif Farouk, tasked with managing Egypt’s strategic wheat purchases and food subsidy program feeding over 60 million people, assumes leadership at the supply ministry.

The economic challenges facing Egypt necessitate structural reforms and increased export capabilities, as outlined by analysts and business leaders, including the need for a new growth and development model.

The cabinet reshuffle coincides with the 11th anniversary of the removal of Egypt’s first democratically elected president, Mohamed Mursi, by then-army chief Sisi, who has since overseen extensive political crackdowns.

In military appointments, General Abdel Majeed Saqr takes over as defence minister, and Lieutenant General Ahmed Fathy Khalifa assumes the role of chief of staff.

At the foreign ministry, Egypt’s ambassador to the European Union, Badr Abdelatty, succeeds Sameh Shoukry, steering diplomatic efforts amidst regional turmoil, notably the Gaza conflict.

The new cabinet faces significant challenges ahead as it seeks to navigate Egypt through economic recovery and regional stability amid ongoing domestic and international pressures.

By Naija247news
By Naija247newshttps://www.naija247news.com/
Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

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