Egypt new government sworn in amid financial crisis

Egyptian President Abdel Fattah al-Sisi swore in a new government on Wednesday, just months after starting his third six-year term as the country grapples with a severe economic crisis.

The 30-member cabinet, led by Prime Minister Moustafa Madbouly, includes a new finance minister and fresh faces at the foreign and defence ministries.

Four women are among the new ministers, sworn in during a ceremony broadcast live on state television.

Ahmed Kouchouk, a former deputy finance minister, now heads the finance ministry, tasked with managing Egypt's struggle against the economic crisis and dire foreign currency shortages.

The Egyptian pound has depreciated by two-thirds, and inflation hit a record 40 percent last year.

Badr Abdel Ati succeeds veteran diplomat Sameh Shoukry as foreign minister, while Abdel Majid Saqr replaces Mohammed Zaki at the defence ministry.

Among the 20 new ministers sworn in are those for investments and foreign trade, oil, tourism and electricity.

The new government takes office against a backdrop of regional instability, with Egypt deeply involved in mediation efforts over conflicts on its borders.

It has been a pivotal mediator in the Israel-Hamas war and has hosted multiple rounds of ceasefire negotiations.

More than half a million refugees have sought shelter in Egypt from the Israel-Hamas war in the Gaza Strip and more than a year of fighting between the forces of rival generals in Sudan.

Sisi tapped Madbouly to form the new government last month following his re-election in December.