President Abdel-Fattah El-Sisi has directed Prime Minister Mostafa Madbouly to establish a new government as Egypt moves forward with comprehensive economic reforms after securing over $50 billion in aid and investments.
According to a statement from the presidency on Monday, the emphasis for the nation in the upcoming period will be on national security and the preparation of a program to enhance human capital.
Following the eruption of the Russian-Ukrainian war, Egypt has witnessed the departure of over $23 billion in investments.
Since the final quarter of 2022, Egypt has tightened controls on the outflow of dollars from the local market, implemented restrictions on imports of secondary commodities for several weeks, curbed withdrawals of foreign currency from abroad, and introduced initiatives to bolster the influx of dollars into the markets.
Egypt has a semi-presidential political system with elements of both presidential and parliamentary systems. The President of Egypt serves as the head of state and head of government, with significant executive powers. The President is elected through a popular vote for a maximum of two four-year terms.
The Parliament of Egypt is bicameral, consisting of two chambers: the House of Representatives (the lower house) and the Senate (the upper house). The House of Representatives is elected by the people, while the Senate is partially appointed by the President and partially elected by the House of Representatives.
The Prime Minister, appointed by the President, heads the government and is responsible for implementing policies and overseeing the administration. The Prime Minister is accountable to both the President and the Parliament.