Egypt shifts budget priorities to essential spending amid ‘exceptional circumstances’ – FinMin

Egypt has shifted its public spending priorities towards essential needs for the remainder of the fiscal year, as it seeks to mitigate the impact of what officials described as “exceptional circumstances,” Finance Minister Ahmed Kouchouk said on Tuesday.

Kouchouk said all state entities had been instructed to curb expenditures, limit spending to urgent items, and ensure the continuity of economic and productive activity.

Priority will be given to securing food supplies, medicines, and education needs, alongside meeting demand in the energy sector, including petroleum products and electricity, he said.

The government is also working to secure the necessary funding to maintain the stability of basic services, Kouchouk added.

As part of the measures, Egypt has slowed or postponed energy-intensive projects and is coordinating with the planning ministry to rationalise capital spending and suspend the launch of new projects.

Spending on non-essential items such as training, travel, and events has also been reduced, while efforts are underway to boost revenues at government entities to ease pressure on the state budget, he said.

Attribution: Amwal Al Ghad English