Egypt agrees to slash investment spending by 15% in FY2023/24

Egypt agrees to slash investment spending by 15% in FY2023/24

The Egyptian cabinet approved a draft decision to rationalize investment spending by 15% under the economic development plan for the current fiscal year (FY) 2023/2024, as per a cabinet statement. The draft also stipulates postponing the implementation of the recently included projects in the investment plan; whether for the previous or the current fiscal year, by banning any contracts or biddings related to these projects until next June 30th. It was decided not to start any new projects this year, and to give priority to completing projects that are 70% or more complete. The controls also include not contracting for any external financing, or starting any project, even through a local component that entails a loan or an additional foreign component. Any exceptions should be approved by the prime minister. Additionally, the cabinet approved the cancellation of exemptions from taxes and fees imposed on state agencies in investment and economic activities. Copyright © 2022 Arab Finance Brokerage Company All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info). Egypt agrees to slash investment spending by 15% in FY2023/24