Egypt’s Planning Minister Hala Al-Saeed announced a decision to stop receiving new loans, except on concessional terms and for development purposes, while cutting spending to curb inflation in exchange for increased investment.
This is stated during the plenary session of the Senate, held today, Monday, chaired by Councilor Abdel Wahhab Abdel Razek, dedicated to discussing the report of the Committee on Financial Affairs and Investments regarding the economic and social development plan for the 2023-2024 financial year.
Commenting on MPs’ questions, the Minister of Planning said that the development plan for 2023/2024 does not envisage the launch of new projects, but rather the continuation of projects that have reached a 70% completion rate that need to be completed in order to get the maximum benefit. on investing in them, confirming the government’s acceptance of its reprioritization plan.
Hala Al-Saeed mentioned the release of 27 Sustainability Localization Reports covering all Egyptian provinces, which resulted in some positive engagement at the local level as well as capacity building, adding: “This is a great achievement.
Source: Egyptian media
