Egypt decides to slow down the pace of government projects

Egyptian Prime Minister Mostafa Madbouly said yesterday that the government will slow down the pace of implementing major government projects that require high consumption of fuel and diesel for two months, with the aim of rationalizing consumption.

This step comes as part of broader measures to confront the economic repercussions of the Iran war, which led to a rise in energy prices and pressure on public finances. In the same context, Egyptian Finance Minister Ahmed Kajouk said that debt service costs will rise by 5% during the next fiscal year. It is noteworthy that Egypt issued a decision to close stores, restaurants, and commercial centers at 9 pm on most days of the week, to reduce energy bills, which have more than doubled.