{"id":609393,"date":"2023-11-05T00:00:00","date_gmt":"2023-11-05T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/05\/cabinet-extends-budget-cutbacks-through-to-june-2024-amid-fx-crisis\/"},"modified":"2023-11-05T00:00:00","modified_gmt":"2023-11-05T00:00:00","slug":"cabinet-extends-budget-cutbacks-through-to-june-2024-amid-fx-crisis","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/05\/cabinet-extends-budget-cutbacks-through-to-june-2024-amid-fx-crisis\/","title":{"rendered":"Cabinet extends budget cutbacks through to June 2024 amid FX crisis"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Gov\u2019t budget cutbacks are making a comeback: <\/strong>Ministers last week approved in principle fresh cutbacks to government spending through the end of the current fiscal year due to the ongoing FX crunch, according to a <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/bdf28azk\" style=\"\" rel=\"noopener\">cabinet statement<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Limits on FX spending:<\/strong> Under the decision, spending on any new project that requires FX and is yet to begin will be delayed, alongside any \u201cunnecessary\u201d FX spending. The Finance Ministry will need to sign off on any exceptions. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Cut any unnecessary spending: <\/strong>The decision will also require all government entities to delay any spending that doesn\u2019t fall under the \u201cextremely necessary\u201d criteria, the cabinet statement said, without explaining how this is being defined.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The government is also ending all \u201cnon-essential\u201d spending<\/strong>, including the travel budget for government personnel and spending on marketing, attending conferences, and hosting work events. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The exception: <\/strong>The decision pinpoints a single exemption from the budget cuts \u2014 investments approved by the Planning Ministry. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Carry your own weights:<\/strong> State institutions will be required to work to boost their revenues and become less dependent on the already-strained state budget for funding. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We\u2019ve seen this before: <\/strong>The Madbouly government in January <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6e6920bc-9a6a-4599-b912-1c49ce596f43\" style=\"\" rel=\"noopener\">directed ministries<\/a> to make budget cutbacks until the end of the fiscal year in June. The move came in a bid to address a shortage of hard currency and tamp down inflation. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u0650ALSO GREENLIT BY THE CABINET:<\/strong><\/p>\n<ul>\n<li><strong>An education investment fund:<\/strong> The Higher Education Ministry and the Sovereign Fund of Egypt (SFE) to establish a joint education investment fund \u2014 dubbed the Egypt Fund for Education Support and Development \u2014 to help drum up education investments from private sector players.<\/li>\n<li><strong>Easier licensing for MSMEs:<\/strong> Amendment to the micro, small, and medium enterprises (MSMEs) executive regulations, which would allow for easier licensing for MSME projects.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>The cabinet brings back restrictions on USD government spending<\/p>\n","protected":false},"author":1,"featured_media":609394,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7306],"tags":[279,282,104,72],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-609393","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cabinet-watch","tag-budget-watch","tag-cabinet-watch","tag-economy","tag-enterpriseam","wpautop","entry"],"acf":{"mongo_id":"0ee7dee0-e5f9-4574-8263-7b5b02e945e9","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/10\/1249.jpg","photo_position":"above","homepage_title":"Cabinet extends budget cutbacks","full_issue_title":"Egypt extends budget cutbacks through to June 2024 amid FX crisis","related_issue":[609384],"teaser":"The cabinet brings back restrictions on USD government spending","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/11\/.5c54fa70-f0a4-4baf-9e62-a3bef92d4d37.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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The order comes as the government works to address a shortage of hard currency and tamp down inflation. Under\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/135.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":614415,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/01\/cabinet-slashes-government-spending-some-more\/","url_meta":{"origin":609393,"position":1},"title":"Cabinet slashes government spending some more","author":"enterpriseam admin","date":"1 February 2024","format":false,"excerpt":"Hassan Allam Holding\u2019s logistic arm receives golden license","rel":"","context":"In &quot;Cabinet watch&quot;","block_context":{"text":"Cabinet watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/regulation\/cabinet-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/7\/170.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":578478,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/02\/ministers-approve-decision-to-rationalize-spending-in-fy-2022-2023\/","url_meta":{"origin":609393,"position":2},"title":"Ministers approve decision to \u201crationalize spending\u201d in FY 2022-2023","author":"enterpriseam admin","date":"2 January 2023","format":false,"excerpt":"Budget cutbacks in the works? Ministers approved a decision by Prime Minister Moustafa Madbouly to rationalize spending for the remainder of the current fiscal year, cabinet said in a statement Thursday following its weekly meeting. The statement didn\u2019t include any additional information as to how the state may cut down\u2026","rel":"","context":"In &quot;Cabinet watch&quot;","block_context":{"text":"Cabinet watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/regulation\/cabinet-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/7.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":578722,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/11\/oil-ministry-projects-wont-freeze-fx-spending-el-molla\/","url_meta":{"origin":609393,"position":3},"title":"Oil Ministry projects won\u2019t freeze FX spending -El Molla","author":"enterpriseam admin","date":"11 January 2023","format":false,"excerpt":"ENERGY-Oil Ministry projects are excluded from the government\u2019s decision to ration FX spending, Minister Tarek El Molla told CNBC in an interview (watch, runtime: 10:08) The Oil Ministry\u2019s partner companies tend to cover upfront investments in new oil and gas projects rather than the ministry itself, El Molla added. The\u2026","rel":"","context":"In &quot;Also on our Radar&quot;","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/173.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":614958,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/11\/goldman-sachs-calls-for-egypt-to-build-liquidity-buffers-and-curb-fx-demand-before-devaluation\/","url_meta":{"origin":609393,"position":4},"title":"Goldman Sachs calls for Egypt to build liquidity buffers and curb FX demand before devaluation","author":"enterpriseam admin","date":"11 February 2024","format":false,"excerpt":"Egypt\u2019s policy objectives are unlikely to be achieved without further policy tightening and sufficient FX liquidity buffers ahead of a devaluation, the bank said","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/2\/786.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":544899,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/27\/the-search-for-budget-cutbacks-starts-in-april-pm-asks-us-all-to-drive-a-bit-less\/","url_meta":{"origin":609393,"position":5},"title":"The search for budget cutbacks starts in April, PM asks us all to drive a bit less","author":"enterpriseam admin","date":"27 March 2022","format":false,"excerpt":"Ministries and government agencies will start looking at ways to trim spending from the beginning of next month as the cabinet tries to get its fiscal house in order amid spiraling international commodity prices and the war in Ukraine. Sources have reportedly told Al Shorouk that Prime Minister Moustafa Madbouly\u2026","rel":"","context":"In &quot;BUDGET WATCH&quot;","block_context":{"text":"BUDGET WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/budget-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/609393","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=609393"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/609393\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/609384"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/609394"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=609393"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=609393"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=609393"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=609393"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=609393"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}