– Egypt’s Prime Minister Mostafa Madbouly chaired a meeting to discuss implementing a EGP 1 trillion cap on public investments for the fiscal year 2024/25, aiming to curb inflation.

– The newly formed “Committee for the Governance of Total Public Investments in the State,” chaired by the Central Auditing Agency, will ensure adherence to the spending limit and be supported by a technical secretariat.

– The draft law for the FY 2024/25 economic and social development plan, submitted to the House of Representatives, aligns with the allocated investment resources, with the Central Auditing Agency monitoring the implementation across all ministries and agencies.

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Egypt’s Prime Minister chaired a meeting to discuss procedures for implementing the EGP 1 trillion cap on public investments for the fiscal year 2024/25. This move aims to curb inflation, according to minister Madbouly.

The government’s decision to set a ceiling on public investments reflects a broader strategy to manage public finances and stabilize the economy amidst inflationary pressures.

The meeting also addressed the draft law for the FY 2024/25 economic and social development plan, which has been submitted to the House of Representatives for approval.

Minister of Planning and Economic Development Hala El-Said highlighted that the plan’s targets will align with the allocated investment resources.

Madbouly emphasized the role of the newly formed “Committee for the Governance of Total Public Investments in the State,” which is responsible for collecting data on investment plans.

El-Said provided an update on the committee’s work, noting the agreement to establish the secretariat to expedite decision-making. The Ministries of Planning, Finance, and the Public Enterprises Sector were instructed to ensure timely reporting of investment data to the committee.

The Central Auditing Agency will play a crucial role in monitoring the implementation of the investment cap across all ministries and agencies.