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Egypt Names Top Officials; Money Pours in
July 9, 2013

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Egypt is reaping big monetary dividends as it expands the membership in the interim government to replace former President Mohamed Morsi.

Saudi Arabia will send $5 billion in aid, in the form of money and products, and the United Arab Emirates will send $3 billion, in the form of a cash grant and a bank loan. The monetary and economic infusion will be a welcome relief to the government, which has spent more than $20 billion in reserves and borrowed billions more since the ouster of former President Hosni Mubarak in 2011. The country has struggled to pay oil companies, resulting in long lines at gas stations. The country has also struggled to pay for imports, meaning long lines for bread and other foodstuffs.

Meanwhile, interim president Adly Mansour named Nobel Peace laureate Mohamed El-Baradei as interim Vice-president and veteran economist Hazem el-Beblawi as interim prime minister. The two, with Mansour, will preside over the country's next political transition, with plans calling for a new constitution to be written and new parliamentary elections to take place within seven months.

The Muslim Brotherhood, Egypt's most powerful political organization, has refused to take part in negotiations over future political processes, asserting that the elections that saw them gain the lion's share of seats in Parliament a year ago were legally protected under the constitution that they helped write. Brotherhood members have staged largely peaceful demonstrations against Morsi's removal. One of those protests turned deadly, however, and 51 Morsi supporters died in a clash with security forces near a military enclave.

El-Baradei is a leader of the National Salvation Front, which represents most of the political opposition to Morsi and the Brotherhood. El-Beblawi served briefly as finance minister after Mubarak left.

The interim government's plan calls for a new constitution to be put to a national referendum by November, with parliamentary elections taking place in the two months following that and then a date for presidential elections to be announced within a week.

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