Going nowhere: Does Egypt have an economic plan?

Egypt's economic policy has been in a virtual holding pattern since the end of last year and the government finds itself in exactly the same situation today as it was nearly six months ago: having to implement tough but unavoidable reforms in the face of deep political division and with elections just around the corner.

This could explain why a sweeping reshuffle announced Tuesday replaced the cabinet's entire economic team. The new ministers of finance, planning, investment and petroleum will need to act swiftly and decisively to stave off an economic crisis and articulate a coherent, implementable strategy to revive the stagnating economy.

A government spokesperson said the ministerial changes would not affect economic policy or plans for reform but some economists warned it could send a negative message to investors.

Two of the new appointees with economic portfolios are members of the Muslim Brotherhood, one has a background in Islamic finance and another is seen as a technocrat.

The new finance minister, Fayyad Abdel Moneim, who has a Ph.D in economics from Al Azhar University, is Egypt's fifth finance minister since the revolution and is seen as similar to the outgoing El Morsi Hegazi (who held the job for less than five months) in that he is an academic with no official affiliation to Islamist groups but with expertise in Islamic finance and Sharia compliant banking. He will have to pick up debate in parliament over controversial tax proposals and reconcile the budget for the new financial year with the economic reality in Egypt.

Abdel Moneim will also have to work closely with the new planning minister Amr Darrag, a founding member of Muslim Brotherhood's Freedom and Justice Party and a former member of parliament, to forge ahead with negotiations over an IMF loan that has yet to materialize and remains polarizing.