Egyptian President Abdel Fattah al-Sisi swore in a reshuffled cabinet on Wednesday that includes new finance and foreign ministers in a government facing challenges including the Gaza war on its border, economic woes and persistent power cuts.
Egyptian Prime Minister Mostafa Madbouly, Reuters/Mohamed Abd El Ghany
Egyptian President Abdel Fattah al-Sisi swore in a reshuffled cabinet on Wednesday that includes new finance and foreign ministers in a government facing challenges including the Gaza war on its border, economic woes and persistent power cuts.
When the resignation of the previous cabinet was announced a month ago, Sisi reappointed Prime Minister Mostafa Madbouly and said his new government should focus on lowering inflation and regulating markets as well as boosting investment.
Sworn in as the new finance minister was Ahmed Kouchouk, formerly deputy finance minister and facing perhaps the biggest challenge in managing a stumbling economy and a debt burden that has soared in recent years.
Egypt's sovereign dollar bonds rallied on Wednesday, with the longer-dated maturities gaining the most. The 2047 maturity rose by 1.96 cents to trade at 75.16 cents on the dollar by 1124 GMT.
At the foreign ministry, Egypt's ambassador to the European Union, Badr Abdelatty, replaces Sameh Shoukry, a veteran who has steered Egypt's diplomatic efforts to contain the impact of the war in Gaza.
Karim Badawi was appointed as petroleum minister, Mahmoud Esmat as electricity minister and General Abdel Majeed Saqr as defence minister.
SUBSIDY REFORM
Ministers in Egypt have limited decision-making authority, with real power residing with the presidency, military and security services.
Rania al-Mashat, former minister of international cooperation, was re-appointed as minister for planning, economic development and international cooperation.
Sherif Farouk, chairman of Egypt Post, takes over at the supply ministry, which manages wheat purchases. Egypt is one of the world's biggest wheat importers.
Farouk will also be tasked with overseeing a sprawling food subsidy programme that feeds more than 60 million people and that the government has signalled it will reform.
As Egypt tried to manage a chronic foreign exchange shortage and high inflation over the past two years, there had been speculation that Madbouly himself could be replaced.
Earlier this year, the country signed a record investment agreement with the United Arab Emirates and international funding deals including an expanded loan programme with the IMF. On Tuesday, another investment deal was announced for a high-end development on the Mediterranean coast.
By Aidan Lewis and Clauda Tanios
On April 15, 2026, the war in Sudan entered its fourth year, a grim milestone that passed largely unnoticed, overshadowed by conflicts elsewhere. Yet the United Nations has called it unequivocally the world's worst humanitarian crisis.
Germany pledged a further 20 million euros ($23.6 million) to Sudan this year, the development ministry said on Wednesday, ahead of an international aid conference hosted in Berlin that is aiming to gather more than $1 billion in funding commitments.
Two arms brokers arranged illegal deals to supply ex-Soviet surface-to-air missile systems to South Sudan and fighter jets to Libya during its civil war, British prosecutors told a London court on Tuesday.
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