In line with these measures, the government will give priority to completing FY2023/2024 projects that have a 70% completion rate or more
The Egyptian Cabinet approved a decision regarding reducing investment spending under the state budget public investment plan until the end of FY2023/2024 by 15%.
Furthermore, as part of the decision, there is a temporary halt in new project implementation. This includes a prohibition on entering into any contracts, whether through direct orders or public tenders, until June 30, 2024.
In line with these measures, the government will give priority to completing FY2023/2024 projects that have a 70% completion rate or more. The measures also entail a prohibition on securing external financing or engaging in projects that would necessitate borrowing.
Any exceptions will need to be approved by the prime minister.
The objectives of these measures are to optimize the utilization of government funds and tackle the economic obstacles that Egypt is facing.
Recently, Minister of Finance, Mohamed Maait, highlighted the most important financial results for the first half of the fiscal year 2023/2024 (FY2023/2024). Egypt achieved a primary surplus of EGP 150 billion.
Maait noted that the general budget achieved a total deficit of 4.95% of the gross domestic product during the period between July and December 2023.
