Egypt Swears in New Cabinet Amid Economic Challenges and Regional Turmoil
In a ceremony held in Cairo on Wednesday, Egypt inaugurated its new Cabinet under Prime Minister Mustafa Madbouly, amidst daunting economic woes and escalating conflicts in neighboring regions.
The reshuffled Cabinet, which retains key ministers in police, health, and transportation, introduces significant changes, particularly in defense and economic portfolios.
This move follows mounting public discontent fueled by years of economic mismanagement, exacerbated by the COVID-19 pandemic and regional conflicts.
Notably, Mohamed Maait, the finance minister since 2018, has been replaced by Ahmed Kouchouk, a former World Bank economist pivotal in implementing economic reforms.
These reforms, part of a Western-backed program launched in 2016, aimed to stabilize Egypt’s economy but led to soaring prices and increased poverty rates, with nearly 30% of Egyptians currently living below the poverty line.
Economic measures such as floating the pound and hiking interest rates were implemented to curb inflation and attract foreign investment.
However, challenges persist, compounded by reduced Suez Canal revenues due to Red Sea disruptions and a struggling tourism sector hit by ongoing regional conflicts.
In the new government lineup, Sherif Fathy assumes the role of Tourism and Antiquities Minister, succeeding Ahmed Issa, amidst efforts to revive the tourism industry crucial to Egypt’s economy.
Addressing another critical issue, Mahmoud Esmat was appointed to oversee the electricity ministry amidst public outcry over recurrent power outages, especially during scorching summers.
In diplomatic spheres, Badr Abdelatty, previously Egypt’s envoy to European nations, now serves as Foreign and Migration Minister, succeeding Sameh Shoukry.
General Abdel-Majeed Sakr takes over the defense portfolio from General Mohamed Zaki, underscoring Egypt’s strategic reorientation amidst regional turmoil.
The new Cabinet, sworn in before President Abdel Fattah el-Sissi, includes four women and several technocrats, reflecting a blend of continuity and change in Egypt’s leadership amid challenging times.
El-Sissi, who recently began his third term after constitutional amendments extended his tenure, entrusted Madbouly with forming this new government to navigate Egypt through its current economic and geopolitical challenges.
