By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
DailynewsegyptDailynewsegypt
  • Home
  • Business
    BusinessShow More
    CBE considers raising banks' reserve requirement
    CBE considers raising banks’ reserve requirement
    April 1, 2023
    Banks discuss amending interest rates on their savings, loan products
    Banks discuss amending interest rates on their savings, loan products
    April 1, 2023
    Egypt, EU discuss cooperation in economy, migration
    Egypt, EU discuss cooperation in economy, migration
    April 1, 2023
    Hermes Brokerage tightens its grip on EGX trading in 1Q 2023
    Hermes Brokerage tightens its grip on EGX trading in 1Q 2023
    April 1, 2023
    Industry Ministry hands over contracts for 113 industrial units to 60 investors in New Fayoum
    Industry Ministry hands over contracts for 113 industrial units to 60 investors in New Fayoum
    April 1, 2023
  • Politics
    PoliticsShow More
    Ramadan fasting is related with leniency in legal system: Study
    Ramadan fasting is related with leniency in legal system: Study
    April 1, 2023
    Egypt renews its support for comprehensive political settlement in Syria: Shoukry
    Egypt renews its support for comprehensive political settlement in Syria: Shoukry
    April 1, 2023
    Ugandan president says peacekeepers will help stabilize eastern DR Congo
    Ugandan president says peacekeepers will help stabilize eastern DR Congo
    March 31, 2023
    Formes US President Donald Trump Is Indicted in New York
    Trump indicted in hush-money payment case
    March 31, 2023
    Humza Yousaf is to be the first minister of Scotland after narrowly winning the election for leader of the Scottish National Party
    Humza Yousaf becomes Scotland’s first minister: A decade of polls suggest he’ll struggle to deliver independence, just like Nicola Sturgeon
    March 30, 2023
  • Interviews
    InterviewsShow More
    Developers have to offer innovative products, state should provide more facilities to stimulate industry: Kareem Mamoun
    Developers have to offer innovative products, state should provide more facilities to stimulate industry: Kareem Mamoun
    March 27, 2023
    Government should help Egyptian arts revive its pioneering role: Omar Abdel Aziz
    Government should help Egyptian arts revive its pioneering role: Omar Abdel Aziz
    March 15, 2023
    Interconnected healthcare systems in Africa require political will from North African leaders: Amref official
    Interconnected healthcare systems in Africa require political will from North African leaders: Amref official
    March 12, 2023
    EGX ready for government’s IPOs programme: Chairperson
    EGX ready for government’s IPOs programme: Chairperson
    February 15, 2023
    British International Investment invests $4.5bn in 700 businesses across Africa: Sherine Shohdy
    February 15, 2023
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Reading: Government postpones costly projects after local currency depreciation
Share
Notification
Latest News
The Secret Behind Lobna Wanas’ Younger Appearance in “Jaafar El Omda”
Cinema Egypt
Ramadan fasting is related with leniency in legal system: Study
Ramadan fasting is related with leniency in legal system: Study
Politics Egypt
Egypt renews its support for comprehensive political settlement in Syria: Shoukry
Egypt renews its support for comprehensive political settlement in Syria: Shoukry
Politics Egypt
CBE considers raising banks' reserve requirement
CBE considers raising banks’ reserve requirement
Banking
Banks discuss amending interest rates on their savings, loan products
Banks discuss amending interest rates on their savings, loan products
Banking
Aa
Aa
DailynewsegyptDailynewsegypt
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Have an existing account? Sign In
Follow US
  • Advertise
© 2023 DNE News. All Rights Reserved.
Dailynewsegypt > Blog > Business > Government postpones costly projects after local currency depreciation
Business

Government postpones costly projects after local currency depreciation

Daily News Egypt
Last updated: 2023/01/10 at 11:07 AM
By Daily News Egypt 3 Min Read
Share
Government postpones costly projects after local currency depreciation
SHARE

The Egyptian government issued on Monday 11 new decisions aimed at curbing state spending, including halting costly new projects, as the Egyptian pound struggles against foreign currencies.

The measures, detailed in the government’s official gazette, include stopping spending on new projects that need US dollars and ordering state entities to get approval from the Finance Ministry and the Central Bank before allocating foreign currency.

The steps come as Egypt suffers a shortage in foreign funding in the aftermath of Russia’s invasion of Ukraine. Authorities have devalued the Egyptian pound three times in the past year, eventually securing a $3bn International Monetary Fund loan programme.

The government decree didn’t give further details on what projects might be affected.

The decree also restricts officials from the government and state agencies from non-essential travel without prior approval from the prime minister. It exempts officials from the health sector and state agencies that procure vital commodities as well as the defense and interior ministries.

The decisions also stipulated that the Minister of Finance present a periodic report every two months to the Cabinet on the state’s commitment to these decisions and their results.

The decisions apply to all budgets of the entities included in the state’s general budget (administrative apparatus / local administration, public service bodies and economic public bodies), as of the date of implementation of this decision until the end of the fiscal year 2022/23.

The decisions do not apply to the Ministry of Health and Population and its affiliated bodies, university hospitals, other bodies in charge of health services, agencies in charge of procurement of ration commodities, agencies in charge of procurement of oil and gas and their derivatives, the Ministry of Interior and its affiliates, the Ministry of Defence and its affiliates, the Ministry of Foreign Affairs, and debt service in the authorities’ budgets, appropriations included in the authorities’ budgets for the treatment of workers and non-workers (such as students), subsidies paid to workers and others, security pensions, financial allocations listed to support food commodities, and cash compensation for workers in remote areas.

You Might Also Like

CBE considers raising banks’ reserve requirement

Banks discuss amending interest rates on their savings, loan products

Egypt, EU discuss cooperation in economy, migration

Hermes Brokerage tightens its grip on EGX trading in 1Q 2023

Industry Ministry hands over contracts for 113 industrial units to 60 investors in New Fayoum

TAGGED: currency
Share this Article
Facebook Twitter Email Print
Previous Article Shoukry affirms support for Somalia’s fight against terrorism Shoukry affirms support for Somalia’s fight against terrorism
Next Article Egyptians can handle any challenge, we will never abandon Egypt in this difficult time: Al-Sisi Egyptians can handle any challenge, we will never abandon Egypt in this difficult time: Al-Sisi
Ad image

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Latest News

The Secret Behind Lobna Wanas’ Younger Appearance in “Jaafar El Omda”
Cinema Egypt
Ramadan fasting is related with leniency in legal system: Study
Ramadan fasting is related with leniency in legal system: Study
Politics Egypt
Egypt renews its support for comprehensive political settlement in Syria: Shoukry
Egypt renews its support for comprehensive political settlement in Syria: Shoukry
Politics Egypt
CBE considers raising banks' reserve requirement
CBE considers raising banks’ reserve requirement
Banking
//
Egypt’s only independent daily newspaper in English. Discuss the country’s latest with the paper’s reporters, editors, and other readers.

Quick Link

  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

© 2023 DNE News. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?