Egypt’s Sisi appoints 10 new ministers to his cabinet

Egyptian president names ten new ministers that will be appointed to his cabinet, including key finance and investment offices, in wake of country's economic struggle

Photo by: Reuters (Archive)
Photo by: Reuters (Archive)

Egypt's President Abdel Fattah al-Sisi looks on during the signing ceremony for a deal to build Egypt's first nuclear power plant between Egypt and Russia at the Ittihadiya presidential palace in Cairo, Egypt, in this November 19, 2015 file photo.

Egyptian President Abdel Fattah al-Sisi named 10 new ministers, including the finance and investment portfolios, in a cabinet reshuffle on Wednesday meant to help revive an economy laid low by years of political turmoil and violence.

Banking veteran Amr el Garhy was appointed finance minister and Dalia Khorshid investment minister, said a presidency statement.

Sisi also named four new deputy ministers - a deputy planning minister and three deputy finance ministers for treasury affairs, tax policy and fiscal policy.

Garhy and Khorshid will face the daunting task of strengthening an economy battered by an acute foreign currency crisis that has hampered Egypt's ability to import goods and dimmed prospects for attracting direct foreign investment. The central bank devalued the pound last week.

Garhy joins the finance ministry after serving in leadership positions at various finance institutions including Qalaa Holdings, El Ahli Bank of Qatar and EFG Hermes, one of the Middle East's largest investment banks.

He replaces Hany Dimian, who oversaw the finance ministry during a period of modest economic recovery after years of anaemic growth following the 2011 uprising that toppled autocrat Hosni Mubarak after 30 years in power.

Egypt's economy grew around 4.2 percent in 2014-15 and the government has said it expects growth to remain at a similar level in the current fiscal year.

Khorshid takes on the post of investment minister after serving as vice president of Citibank for eight years, holding several posts at Orascom Construction Industries, and most recently serving as chief executive of Orascom Holdings.

Mohamed Hossam Abdelrehim, who served as Egypt's top judge in 2014-15, was appointed justice minister, filling a role which had been vacant for 10 days since Ahmed al-Zend was sacked after he said on television that he would even arrest "a prophet," in remarks that sparked outrage in the country.

Other appointments were ministers for antiquities, the public sector, labour, irrigation, civil aviation, transport, and tourism.

The tourism industry was hard hit after a Russian airliner was blown out of the sky over the Sinai Peninsula in October, killing all 224 people on board. DAESH terrorists said they planted a bomb on board the aircraft.

The civil aviation ministry also came under criticism for airport security lapses.

The key defence, interior, and foreign ministers all kept their jobs as did holders of economic portfolios such as the planning and supplies ministers.

The government will present its economic programme to parliament next week.

TRTWorld, Reuters