Hussein Eissa: An economist to secure the prime minister’s survival

On February 10th Egypt’s House of Representatives approved a substantial reshuffle of Prime Minister Mostafa Madbouly’s cabinet. A government press release set out the new line-up, comprising 22 ministers endorsed by President Abdel Fattah El-Sisi.

Among the changes was the appointment of Dr. Hussein Eissa as Deputy Prime Minister for Economic Affairs, a post typically reserved for experienced ministers. The move coincided with the abolition of a second deputy premiership that had existed when Mr Madbouly formed his cabinet in July 2024.

Eissa began his career as an accounting professor and eventually served as president of Ain Shams University. In September 2024 he became the General Coordinator of the Specialized Council for Economic Development, an advisory body established by El-Sisi to promote economic development and productivity. From September 2025, he served as the advisor to the minister of higher education on financial and economic policy. He also chaired the Planning and Budget Committee in a previous parliament.

According to a senior Cabinet source who spoke to Al Manassa, Eissa’s appointment emerged as a “consensus solution” amid discussions over the need for an economist at the helm of government. The aim was to address issues such as the slowdown of privatization and the worsening public debt burden.

“In recent months, there was debate over Mostafa Madbouly’s future, with some calling for his replacement with a figure with an economic background and others preferring to keep him in office while appointing a deputy to oversee economic affairs,” the source said, requesting anonymity.

However, with no ministerial portfolio, Eissa’s appointment drew much attention. The same source argued that the arrangement reflects the gravity of the current economic situation and the need for economic expertise in a senior government position.

The government has faced challenges in implementing its privatization program, a central component of economic reforms linked to an international loan agreement launched in 2022. The program calls for the sale of state-owned companies and assets to private investors to generate revenue and boost efficiency. Government sources previously told Al Manassa that several planned asset sales were suspended after investors submitted bids considered too low.

“Eissa demonstrated competence while managing the restructuring of economic authorities. A year ago, he was tasked with heading the technical secretariat overseeing the Cabinet’s restructuring in accordance with IMF requirements to merge certain authorities, subject their budgets to oversight, and integrate them into the state’s general budget,” the source added.

Earlier this year, controversy flared over remarks by Prime Minister Madbouly about plans to reduce public debt to its lowest level in fifty years. A second cabinet source explained that the difficulties the government encountered in reducing debt encouraged the move to bring in Eissa to handle this sensitive issue.

“Eissa’s selection aimed to assign him specific responsibilities, foremost among them the management of both external and domestic debt,” another source told Al Manassa, also requesting anonymity.

Over the past decade, Egypt’s external debt has surged from $46 billion in 2014 to more than $160 billion today. Even within the government, there has been criticism that interest payments on public domestic and foreign debt are consuming a growing share of state revenues.

According to previous statements by government sources to Al Manassa, part of that strategy had involved debt-swap arrangements with China and Gulf states, akin to the high-profile Ras El-Hekma deal announced last year. None of those proposed arrangements, however, has yet materialized.

Eissa as the face of IMF negotiations

Eissa is also expected to become the government’s main point of contact with the IMF. Egypt is currently awaiting approval of the fifth and sixth reviews of its loan program, which has been overdue for several months.

“The new deputy prime minister will, in coordination with the finance minister and members of the economic group, manage cooperation with the IMF in the coming period,” a senior source at the Ministry of Finance told Al Manassa.

The delay in approving the reviews, the source said, was largely due to the government missing some targets in its state asset sale program, a setback linked to the recent cabinet reshuffle. The formation of the new cabinet is intended to address these obstacles.

The second Cabinet source said the government may develop a new economic strategy in the coming phase, using tools different from, yet still aligned with, the national policies of recent years. The approach would introduce new mechanisms for managing debt, subsidies, and development priorities.

Last September, the government announced a strategy for managing the economy after the conclusion of the IMF program in 2026, criticizing the institution’s policies and calling for greater financial independence.

The government is expected to benefit from Eissa’s experience, both in academia and in various economic positions in the government and parliament. The coming days, however, will reveal whether Eissa’s experience alone is enough to confront Egypt’s enduring economic challenges.