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Morsi shakes up finance ministry

Ten new ministers were sworn in yesterday in a shake-up aimed at improving the government's handling of the ailing economy ahead of talks this week with the International Monetary Fund over a badly needed $4.8bn loan.

The reshuffle of the interior and finance ministries, which President Mohamed Morsi had promised in response to public anger about the economic malaise, put three portfolios in the hands of members of his Muslim Brotherhood.

It came as central bank figures put Egypt's foreign currency reserves at $15.01bn in December, down $26m from a month earlier. Reserves have dropped by more than half since the uprising of February 2011.

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