CAIRO: Egyptian President Abdel Fattah El-Sisi on Monday asked Prime Minister Mostafa Madbouly to form a new government after he submitted his cabinet’s resignation, following Sisi’s reelection for a third term, the presidency in a statement said.
El-Sisi said the new government must focus on lowering inflation and regulating markets as well as increasing local and foreign investments, the presidency said.
The statement said the new goals for new cabinet members would also include preserving the country’s security in light of regional and global challenges, and counter-terrorism.
There is no immediate indication of when the new cabinet will be announced or which ministers will be replaced in the reshuffle.
El-Sisi in a post on X said he has assigned Dr. Mostafa Madbouly to form a new government that consists of experts to achieve the desired development in government performance and combat the challenges faced by Egypt.
El-Sisi was sworn in for his third term in April after a sweeping win with 89.6 percent of the vote in an election with no serious challengers last December.
As Egypt tried to handle foreign exchange shortage and high inflation over the past two years there had been speculation that PM Madbouly himself could be replaced in the new cabinet.
Earlier this year, the Egyptian economy received some relief after a record investment agreement with the United Arab Emirates and global funding deals including an IMF expanded loan program.
