Cairo: SiltaNews – News Desk
The Egyptian government has approved a package of measures to rationalize spending and consumption in response to escalating regional developments, according to a Monday statement by Cabinet Spokesman Mohamed El-Homsawy.
The Central Crisis Management Committee, headed by Prime Minister Mostafa Madbouly, met to review ministerial scenarios for handling the economic fallout of regional events. To maintain market stability, the committee agreed to cancel government events, reduce official travel, and scale back training courses.
Further measures include:
- Energy Management: Implementing a plan to govern road lighting and billboards, reviewing fuel consumption across sectors, and accelerating the transition to natural gas and electric vehicles for public transport.
- Trade Restrictions: Reducing imports of non-essential finished goods.
- Foreign Currency: Accelerating the government IPO program and incentivizing private sector participation to diversify foreign currency resources.
During the meeting, the Minister of Petroleum reported significant hikes in petroleum and gas prices over recent hours, citing increased transportation costs and the closure of several regional fields due to the conflict. The ministry is currently working to secure supplies for production sectors and power plants.
Addressing social impacts, the Prime Minister highlighted existing protection packages for low-income citizens. He noted that additional support measures, including an increase in the minimum wage, will be announced in the coming days.