Egyptian Gov't to Deploy Austerity Measures Starting April

Egyptian government agencies will tend to adopt austerity measures starting from April 1, due to the global situation in the economy against the backdrop of Russian-Ukrainian crisis, according to government sources.

“The government sent a letter to ministers, provincial governors and administrative officials demanding that they start implementing measures from April 1 to review spending in state institutions, maintain absolute financial discipline and austerity in a number of issues, taking into account priorities to overcome the crisis caused by the consequences of the Russian-Ukrainian conflict and coronavirus,” the source added.

In the government's weekly meeting chaired by Prime Minister Moustafa Madbouly, the cabinet discussed the repercussions of the Russian-Ukrainian crisis on the global economy and the Egyptian economy and measures taken by the government to address them, especially price hikes.

The Premier stressed in this regard the need for each minister to review aspects of spending in their ministry in the coming period.

The cabinet discussed measures taken to provide basic commodities in appropriate quantities and prices, and to expand the establishment of exhibitions and outlets at the level of Egypt, in order to meet the needs of citizens.

Madbouly referred to the meeting of the Committee to Confront the Impact of the Global Crisis on Strategic Commodities, which was held on Monday, and reiterated that the state’s top priority now was to ensure the availability of basic commodities and food products in the markets, and that food factories were working regularly, as well as to continue efforts related to controlling prices on market.

The prime minister also instructed studying to extend the period of the exhibitions selling various commodities ahead of Ramadan at appropriate prices.