CAIRO, Egypt – Egyptian President Abdel Fattah al-Sisi unveiled a significantly revamped cabinet on Wednesday in a bid to address mounting economic pressures and persistent power cuts. The new team, featuring fresh faces in key positions like finance and foreign affairs, faces a daunting task of reviving the nation’s struggling economy.
The reshuffle comes amidst a backdrop of several challenges. Inflation soared to record highs last year, and the recent conflict near the Gaza border has added to regional instability. Daily power cuts continue to disrupt businesses and daily life, despite a recent influx of investment and funding from the UAE, IMF, and EU.
Leading the economic charge is Ahmed Kouchouk, the newly appointed finance minister. A seasoned negotiator with the International Monetary Fund, Kouchouk brings a wealth of experience to the table. He has pledged to prioritize fiscal discipline, debt reduction, and structural reforms to unlock private sector growth.
Rania al-Mashat retains a central role, now overseeing both international cooperation and planning and economic development. Her expertise in securing development financing will be crucial for Egypt’s economic aspirations. Additionally, the revived post of investment minister goes to Hassan El Khatib, whose background in finance and experience with the European Bank for Reconstruction and Development position him well to attract foreign investment.
Energy security remains a key concern. Karim Badawi, the new petroleum minister, has prioritized supplying fuel to power stations to alleviate the crippling power cuts. Former public enterprises minister Mahmoud Esmat takes the helm at the electricity ministry, tasked with tackling the ongoing energy crisis.
