Moody’s: Egypt’s economy still going down with protests and Cabinet reshuffle

Prompted by protests in Cairo and Suez to accelerate reforms, Egyptian Prime Minister Essam Sharaf had announced another government reshuffle, replacing 14 ministers on 17 July. This was the second reshuffle this year, the first since the Supreme Council of the Armed Forces assumed power after the ousting of former president Hosni Mubarak. But the new cabinet will neither alleviate popular discontent with the interim government nor shore up confidence in the economy, Moody’s report added

Key changes include Dr Hazem El-Beblawy becoming Egypt’s third Finance Minister this year, following Dr Youssef Boutros-Ghali’s resignation in January and the resignation of Dr El-Beblawy’s predecessor, Dr Samir Radwan, last week.