CAIRO - Egypt swore in 10 new ministers on Sunday in a Cabinet shake-up aimed at improving the government's handling of the country's ailing economy ahead of talks this week with the International Monetary Fund over a badly needed $4.8 billion loan.
The reshuffle, which Mohammed Morsi had promised in response to public anger over Egypt's economic malaise, affected two key ministries, the interior and finance. It also solidified Islamist control of the government, putting three portfolios in the hands of members of the president's Muslim Brotherhood.
The dire state of Egypt's economy was punctuated Sunday by new central bank figures that put December's foreign currency reserves at $15.01 billion, down $26 million from a month earlier. The reserves have dropped by more than half since the uprising that ousted longtime ruler Hosni Mubarak in February 2011.
The central bank said last month that current reserve levels represent a "critical minimum."
About the only ones who will benefit from Egypt's shift to fundamentalism will be the countries who take in the fleeing women and religious minorities. Egypt will lose some talent if they continue down this path.