Egypt to Curb State Investments With IMF Loan Boost in Sights
This article is for subscribers only.
Egypt’s cabinet backed a proposal to slash spending on state investments and halt new projects until at least July, as the cash-strapped North African country looks to increase the size of its International Monetary Fund rescue package.
The decision, announced Wednesday, bars the securing of external financing for new state projects, which will be shelved until the end of the current fiscal year on June 30. National projects that are at least 70% complete and expected to be finished within that period will be prioritized.