Egypt swears in a new Cabinet as mounting economic challenges fuel public discontent
Egypt’s new Cabinet has been sworn in and features major changes in the defense, foreign ministry and economy portfolios as the country faces mounting public discontent and conflicts in neighboring nations
CAIRO (AP) — Egypt’s new Cabinet was sworn in Wednesday with major changes in the defense, foreign ministry and economy portfolios as the country faces mounting public discontent and conflicts in neighboring nations.
Years of economic mismanagement, the coronavirus pandemic and the fallout of wars in Europe and the Middle East have all caused economic pain including ballooning inflation. In addition, a Western-backed reform program — adopted in 2016 and backed by President Abdel Fattah el-Sissi — has led to austerity measures. Nearly 30% of Egyptians live in poverty, according to official figures.
As el-Sissi chaired the first meeting of his government, the president affirmed the importance of completing the economic reform program and urged the government to work on “attracting and encouraging domestic and foreign investments,” according to his office.
Mohamed Maait, Egypt's finance minister since 2018, was replaced by his deputy Ahmed Kouchouk, a former World Bank economist who played a major role in implementing a reform program with the International Monetary Fund.
