July 9 (Bloomberg) -- Egypt’s presidency named former Finance Minister Hazem El-Beblawi to serve as interim prime minister, leading a government that will administer new elections and work to revive a crumbling economy.
El-Beblawi served as a finance minister in the transitional period after the 2011 removal of Hosni Mubarak. He inherits a polarized nation reeling from the ouster of Mohamed Mursi, an Islamist who last year became Egypt’s first democratically elected civilian president.
His appointment was announced by the presidency of Adly Mansour today in an e-mailed statement.
A critic of Mursi’s economic policies, El-Beblawi will take ownership of an economy stuck in the worst slowdown in two decades, record unemployment and the highest budget deficit in the Middle East.
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