The Cabinet has taken the decision to defer the initiation of new projects until the conclusion of June 2024, prohibiting the engagement in contracts for such projects, whether through competitive tenders or non-competitive contracts.
Nevertheless, the recent directives prioritize the completion of projects outlined in the FY2023/2024 plan, with a minimum completion rate of 70 percent. The outlined measures specifically prohibit securing external financing or embarking on projects that necessitate borrowing.
Furthermore, the decision encompasses the suspension of the procurement of new passenger cars for government entities until the specified date. This fiscal restraint aligns with the International Monetary Fund’s (IMF) $3 billion loan agreement with the country.
The overarching goal of these measures is to optimize government spending efficiency and address the economic challenges confronting Egypt.
