Egypt instructs ministries to cut spending amid foreign currency crunch

Egypt instructs ministries to cut spending amid foreign currency crunch

CAIRO -

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.

The decision, dated January 4 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.