PIMCO’s El-Erian nixes talk of becoming Egypt prime minister

El-Erian
Mohamed El-Erian, CEO and co-chief investment officer of Pacific Investment Management Co.

Mohamed El-Erian, CEO and co-chief investment officer of Pacific Investment Management Co., on Tuesday said he hasn’t been approached for the job of Egypt’s new prime minister under President Mohamed Mursi and would decline the offer if extended.

“There are many more qualified candidates than me,” Mr. El-Erian said in an e-mailed response to questions from Bloomberg News. “At this critical time in Egypt’s history, it is important that candidates include those who have been living in Egypt and who have participated in person in Egypt’s revolutionary process.”

The independent Egyptian daily Al-Watan reported on Tuesday that Mr. El-Erian was a likelier choice to head up the new government than former central bank governor Mahmoud Abul-Eyoun. Other candidates whose names have been floated by the Egyptian media have been former finance ministers and the current central bank head.

Mr. Mursi said the discussions are ongoing in a bid to ensure that the selection process yields the best choices for the country at a time when it is struggling economically.