Egypt’s Islamist president reshuffled the cabinet on Sunday, replacing the heads of both the critical ministries of interior and finance as well as eight other ministers ahead of a key meeting with the International Monetary Fund Monday.
President Mohamed Morsi’s partial reshuffle had been expected is meant in part to soothe public anger over rising economic hardship. But the opposition accused him of attempting to broaden the Islamist control on the government at a time when the country is facing an acute currency crisis.
On Sunday the Egyptian pound reached a new low of 6.45 against the US dollar. It has lost more than a tenth of its value since former president Hosni Mubarak was overthrown in 2011.