- Egypts new cabinet expected by the end of the week
- Economy-related ministries facing most scrutiny
Egypts new cabinet is expected to be confirmed by the end of the week according to a source close to the Prime Ministers office.
It is understood that economy-related ministers were facing the most scrutiny with up to nine ministers expected to be replaced by interim Prime Minister Sherif Esmail.
The Investment Ministry, the Ministry of Finance and the Housing Ministry are understood to be under the most pressure as the source explains to MEED that it is not only the recent corruption scandal that prompted the governments resignation.
Egypt has been on an economic roadmap since March this year when president Abdul Fatah al-Sisi hosted the Egypt Economic Develop Conference and urged the international investor community to reconsider Egypt. Very few from the announced projects have materialized since the conference with rumours claiming that Al-Sisi had become increasingly frustrated with his governments inability to press ahead with proposed plans.
Reports had been circulating Cairo over the last week that the president was unhappy with his government and investment minister, Ashraf Salman, was singled out for the countrys inability to press ahead with major projects that require foreign direct investments (FDI).
The governments resignation also came days after the agriculture minister was arrested over corruption allegations on 7 September.
While the reason behind the resignation is understood, the timing is unclear as Egypts cabinet was expected to resign after parliamentary elections being held in October and November; paving the way for a cabinet to be formed by the new parliament