Abdel Fattah el-Sisi keeps Egyptian PM to fix economy after turmoil

Jun 09 2014, 20:23 IST
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SummaryNewly inaugurated President Abdel Fattah el-Sisi reappointed Egypt's prime minister on Monday...

on a IMF loan deal.

The driving force behind the consulting project is the UAE, which along with Saudi Arabia and Kuwait has showered Egypt with aid totalling more than $12 billion in cash and petroleum products since Mursi's removal.

As de facto ruler since last summer, Sisi has driven Mursi's Muslim Brotherhood underground with a crackdown in which hundreds of its supporters have been killed and thousands jailed, polarising the most populous Arab nation.

However, Egypt's oldest and best organised Islamist movement has survived official repression for decades. Sisi also faces a violent threat from militants based in the Sinai peninsula who are believed to have access to weapons smuggled from chaotic Libya. These have stepped up attacks on police and soldiers since Sisi ousted Mursi.

Mehleb, 65, was appointed prime minister in February after serving previously in housing portfolio. A civil engineer, he is a former chairman of Arab Contractors, one of the region's largest construction companies, and worked briefly in Saudi Arabia before joining the government following Mursi's overthrow.

The Egyptian pound strengthened slightly at a central bank sale on Monday to 7.1402 pounds to the dollar from 7.1403 at its last sale on Thursday, and it remained steady on the parallel market.

The gap between the pound's rates on the official and black markets has narrowed markedly since Sisi's election, with the currency appreciating markedly against the dollar at unofficial rates.

Egypt's benchmark stock index closed up 1.1 percent.

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