Nine new Egyptian ministers took oath of office on 7 May. Bringing two new members of his Muslim Brotherhood into top economic posts in the Cabinet shuffle was said to be aimed at the country’s financial woes and securing a much-needed international loan. Saad El-Katatni, head of Freedom and Justice Party said the party reached out to other groups because the “challenges facing our nation require collaboration of all efforts to lighten the negative impact of transition periods.”
The shuffle, the second since Morsi took office in June last year, includes the finance, oil, planning and investment portfolios. It does not touch security posts like the Interior Ministry, in charge of police, and Prime Minister HeshamQandil. It also appoints a new justice minister, Ahmed Suleiman, who was a member of a group opposing a judicial boycott on the constitutional referendum in December. New finance minister Fayad Ibrahim is an expert in sukuk, bonds that claim to be compliant with Islamic Shari’ah law. Morsi’s government is pushing sukuk as a way to attract investment.