Egypt's Sisi orders prime minister to form new cabinet

The World Governments Summit takes place in Dubai

DUBAI (Reuters) - Egyptian President Abdel Fattah al-Sisi reappointed Prime Minister Mostafa Madbouly on Monday to form a new government after the latter submitted his cabinet's resignation, following Sisi's reelection for a third term last year, the presidency said in a statement.

Sisi directed the new government to focus on lowering inflation and regulating markets as well as attracting and increasing local and foreign investments, the presidency added.

Targets for new cabinet members would also include preserving the country's national security in light of regional and international challenges, and counter-terrorism, the statement said.

There was no immediate indication of which ministers would be replaced in the long-awaited reshuffle, or when the new cabinet would be announced.

In a post on X, Sisi said: "Today, I assigned Dr Mostafa Madbouly to form a new government that consists of the necessary expertise and competencies to manage the next phase, in order to achieve the desired development in government performance and confront the challenges facing the state."

Sisi was sworn in for his third term in April after sweeping to victory with 89.6% of the vote in an election with no serious challengers last December.

As Egypt tried to manage a chronic foreign exchange shortage and high inflation over the past two years there had been speculation that Madbouly himself could be replaced.

Earlier this year, the economy received some reprieve after a record investment agreement with the United Arab Emirates and international funding deals including an expanded loan programme with the IMF.

(Reporting by Jana Choukeir, Editing by Michael Georgy and Aidan Lewis)