ALBAWABA - Egyptian President Abdel Fattah al-Sisi reappointed Prime Minister Mostafa Madbouly and ordered him to form a new cabinet after his former cabinet submitted their resignation.
The presidency released a statement saying that President Sisi said that he wants the new government to focus on lowering inflation and regulating markets as well as attracting and increasing local and foreign investments.
The announcement also stated that new cabinet members will be responsible for protecting the country's national security in the face of regional and international difficulties, as well as counter-terrorism.
There was no immediate word on which ministers will be ousted in the long-waited reshuffle, or when the new cabinet would be revealed.
On X, Sisi wrote: "Today, I assigned Dr Mostafa Madbouly to form a new government that consists of the necessary expertise and competencies to manage the next phase, in order to achieve the desired development in government performance and confront the challenges facing the state".
Sisi was sworn in for a third term in April, having won 89.6% of the vote in the elections that were held back in December 2023. Over the last two years, Egypt has struggled to handle a chronic foreign exchange deficit and excessive inflation, prompting rumors that Madbouly may be ousted.
Earlier this year, the economy gained some relief from a record investment pact with the UAE and foreign financial accords, notably an enlarged loan program with the IMF.
