New Egyptian president keeps PM, signals priority to fix economy

President Abdel Fattah El-Sisi retained prime minister Ibrahim Mehleb and the current government as caretaker Monday to shorten the process of economic reforms, which the UAE, one of his main financial backers, recommends for putting the economy in order after a long period of turmoil. Finance Minister Hany Kadry Dimian is a key figure for his ability to professionally negotiate a $4.8 bn loan from the International Monetary Fund. Western consultants are also advising the Egyptian government on an economic reform plan for improving living standards, providing jobs, lowering inflation and resolving indebtedness. The UAE, Saudi Arabia and Kuwait have showered aid worth more tha $12 bn in cash and oil since El Sisis the former army chief overthrew the Muslim Brotherhood’s president Mohamed Morsi.

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