New Egyptian PM forms his government

The new Egyptian Prime Minister Husham Kandil, appointed by President Mohammad Mursi, formed his government on Wednesday, ending a month long wait for the first administration of the Mursi era.    

The Muslim Brotherhood politician, who was sworn in on June 30, has been criticized for the amount of time it took him to name his prime minister.       

In this regard, Egypt's finance and foreign affairs ministers said they were keeping their posts in Kandil’s government after emerging from a meeting with Kandil, who is due to formally unveil his cabinet on Thursday.       

Osama Saleh, the head of the General Authority for Investment, said he had been appointed investment minister. Osama Kamal, head of the Egyptian Petrochemical Holding Co, said he had been appointed minister of petroleum and mineral resources.      

Faced by an economy hit by 18 months of political instability, the new government will need to move fast to address acute economic problems including a looming balance of payments crisis and unaffordable state borrowing costs.   

REUTERS