Egypt orders ministries to curb spending amid foreign currency crunch

January 11th, 2023

Awake Goy

An Egyptian trader counts his money at the Ashmun market in Egypt on 15 August 2018 [MOHAMED EL-SHAHED/AFP/Getty Images]

Egypt's government has instructed ministries to cut non-essential spending until the end of the fiscal year in June as it tries to cope with continuing pressure on its currency and rising inflation, Reuters reports. The decision, dated 4 January and published in the official gazette this week, includes the postponement of any new national project heavily reliant on foreign currency and requires ministries to seek Finance Ministry approval on foreign currency expenditure. The health, interior, foreign, and defence ministries are exempted, as well as agencies tasked with expenditure on subsidised food products and energy. Some activities listed as non-essential spending include travel, marketing and conferences, as well as grants and training for employees. The decision included no detail on how much […] Source

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