May 24, 2013
Egypt fires finance, interior ministers before IMF visit
Egypt's Islamist President Mohamed Mursi fired his finance and interior ministers, cabinet sources said today, in a government reshuffle he had promised to assuage public anger at an economic crisis.
General Mohamed Ibrahim will replace Ahmed Gamal El-Din as interior minister and Al-Mursi Al-Sayed Hegazy takes the finance ministry job from Mumtaz al-Saaed.
Egypt's pound, 10 percent down since the 2011 uprising that toppled Hosni Mubarak, lost more than 3 percent against the dollar in the week ending on Thursday, hitting a record low as fears grew over its rapidly shrinking foreign currency reserves.
The International Monetary Fund (IMF) said it is sending its Middle East and Central Asia director, Masood Ahmed, to discuss a postponed $4.8 billion loan agreement and "possible IMF support for Egypt" with officials on Monday.
Loan talks were delayed last month at Cairo's behest because of unrest in which 11 people died and hundreds were injured in anti-Mursi protests.
State-run Egyptian newspaper Akhbar Al-Youm said earlier today that Ahmed would meet Mursi, Prime Minister Hashim Kandil and other top officials.