New cabinet sworn in: The new Madbouly cabinet was sworn in before President Abdel Fattah El Sisi at the Ittihadiya Palace (watch, runtime: 11:18) yesterday. Find out what each minister brings to the table in their bios published yesterday on the cabinet’s Facebook page and the full and final line up published by the Ittihadiya.

There are some important changes to the cabinet lineup to note: We published a rundown of who it seemed will be sitting on Madbouly’s new cabinet in yesterday’s issue based on unconfirmed leaks, with close to 20 new faces set to take over ministries, but there were some important changes to the final team. Contrary to what we reported yesterday, General Mohamed Zaki will no longer be the defense minister, with former governor of Suez General Abdel Maguid Sakr instead being chosen to head the Defense Ministry. There were some other major changes in the army, with Lt. Gen. Ahmed Fathy Khalifa appointed as the Armed Forces’ chief of staff, replacing Lt. Gen. Osama Askar.

Madbouly is also getting two new deputies: Prime Minister Moustafa Madbouly now has two deputies, with Health Minister Khaled Abdel Ghaffar serving as his deputy for human development and Transport and Industry Minister Kamel El Wazir serving as his deputy for Industrial Development.

The Local Development Ministry is also under new management: Former governor of Damietta Manal Awad will serve as local development minister, replacing Hisham Amna.

And El Sisi is getting a new bunch of advisors: President El Sisi named five advisors following the reshuffle, according to an Ittihadiya statement. Former Planning Minister Hala El Said has been tapped as the president’s advisor on economic affairs, while former Justice Minister Omar Marwan was appointed the Ittihadiya’s office director. Set to advise the president on defense affairs is Gen. Mohamed Zaki after stepping down as Defense Minister, while the Armed Forces’ former chief of staff Lt. Gen. Osama Askar was named as the advisor for military affairs and Maj. Gen. Mohsen Abdel Nabi was appointed as El Sisi’s media advisor.

Only 6 of the country’s 27 governorates have kept the same governors in the new government: Khaled Abdel Aal has been replaced by Ibrahim Saber as the governor of Cairo and Giza will now have Adel Saeed El-Naggar as its governor, replacing Ahmed Rashed. Over in Alexandria, Mohamed Al Sharif has been replaced by Ahmed Khaled Hassan. You can check out the whole list here.

What’s next? The new Madbouly government will deliver its policy statement to the House of Representatives next Monday. A parliamentary committee will then review and discuss the statement, before the MPs cast their votes on it within 30 days.

International debt markets have already welcomed the news: Government USD-denominated bonds soared following news yesterday that Ahmed Kouchouk had been chosen to head the Finance Ministry alongside “business executives and former bankers” in other key ministries, Bloomberg reported.

By the numbers: The country’s sovereign USD-denominated bonds due to mature in 2049 hit its highest record since the EGP-float in March, while Egypt’s securities represented 14 of the top 20 gainers on the Bloomberg Emerging Markets Sovereign Total Return Index. EGP-denominated 12-month contracts aslo had a good day, posting their biggest gains since late April.

The international press kept up its coverage of the new government: Reuters | AssociatedPress.

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