Egypt’s PM reviews economic measures amid regional tensions

Egypt’s Prime Minister Moustafa Madbouly on Monday reviewed measures to mitigate the domestic and regional economic fallout from ongoing US-Israeli-Iranian military tensions, during a meeting of the government’s crisis management committee, a Cabinet statement said.

The meeting brought together senior officials, including Central Bank of Egypt Governor Hassan Abdalla, Deputy Prime Minister Hussein Eissa, and ministers responsible for finance, electricity, petroleum, planning, agriculture, and tourism.

The officials discussed the potential domestic and global economic fallout from the tensions, including scenarios for further escalation, as well as efforts to maintain economic stability, the statement said.

The government reviewed steps to rationalise energy use, reduce consumption of natural gas and petroleum products, and accelerate renewable energy deployment. Plans to maintain adequate fuel reserves, essential goods, and medicines were also discussed, alongside measures to stabilise prices and support economic activity.

Electricity Minister Mahmoud Essmat said measures were being implemented to improve energy efficiency and ensure an uninterrupted power supply.

Petroleum Minister Karim Badawy said recent steps to cut fuel consumption had reduced crude procurement needs, adding that some national projects had been postponed for three months to redirect resources to priority areas. He said contracts to secure crude imports remain on schedule.

Planning Minister Ahmed Rostom said the crisis could disrupt supply chains, raise energy and food costs, and increase financing pressures globally, contributing to stagflation risks.

Attribution: Amwal Al Ghad English