Egypt's government about to resign after Sisi inauguration

Formal resignation will clear the way for the formation of a new government in Egypt

Egyptian Prime Minister Ibrahim Mehleb is about to present his government's resignation to new President Abdel Fattah al-Sisi, the state news agency reported on Monday.

Mehleb's formal resignation will clear the way for the formation of a new government following Sisi's inauguration on Sunday. The two men are due to hold talks on a new cabinet, which officials and the media say is expected to retain ministers in leading positions such as the finance portfolio.

Sisi, the former army chief who toppled Islamist President Mohamed Mursi last July following mass protests, was sworn in a day earlier in a ceremony with low-key attendance by Western allies concerned by a crackdown on dissent.

Lower-than-expected turnout in last month's elections threatened the broad mandate he sought to repair an economy racked by three years of political instability which has scared away foreign investors and tourists.

The Egyptian pound strengthened slightly at a central bank sale on Monday to 7.1402 pounds to the dollar from 7.1403 at its last sale on Thursday, and it remained steady on the parallel market.

The gap between the pound's rates on the official and black markets has narrowed markedly since Sisi's election, with the currency appreciating markedly against the dollar at unofficial rates.

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