[BUSINESSWEEK] Egypt's military-backed government resigned after eight months in office, handing over the reins ahead of a scheduled presidential election this year that may be contested by Defense Minister Abdel-Fattah al-Seesi.Prime Minister Hazem El Beblawi said his government, under fire for its handling of the economy and mounting violence, had done its best to steer Egypt out of a "narrow tunnel" since it was installed after the army's July 3 ouster of Islamist President Mohammed Mursi. The Egyptian people, he said in a televised address, must now step up and accept responsibility for the country's transition.
President Adly Mansour accepted the resignations and thanked El Beblawi for taking the job at a tough and critical time, according to an e-mailed statement from his office. Housing Minister Ibrahim Mahlab will be invited by Mansour later today to head a new government, the state-run Ahram Gate website reported.