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Jan. 6, 2013 / 12:17 PM

Egyptian president reshuffles Cabinet

CAIRO, Jan. 6 (UPI) -- Egyptian President Mohamed Morsi reshuffled his Cabinet, replacing the heads of both the ministries of finance and interior, as well as eight other ministries.

The Financial Times said the changes announced Sunday had been expected and are meant to soothe anger over economic hardship.

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Morsi replaced Finance Minister Mumtaz al-Saeed with Morsi el-Sayed el-Hegazy, an Islamist finance expert.

Ahram Online said Hegazy is a professor of public finance at Alexandria University and has no political background.

Ahram Online said Hegazy announced he was ready to complete discussions with the International Monetary Fund concerning a $4.8 billion loan deal designed to stabilize the economy.

Morsi also issued a decree Saturday establishing a council dedicated to improving the economy.

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