Egypt Takes Energy-Saving Measures Amid Rising Costs

Egypt's Prime Minister Mostafa Madbouly announced a two-month slowdown on large state projects with high fuel consumption to mitigate economic impacts from the Iran war. The decision comes as energy costs soar and public finances are strained. Debt servicing costs are expected to rise by 5% next year.

In a strategic move announced on Saturday, Egyptian Prime Minister Mostafa Madbouly revealed plans to curb large state projects with significant fuel and diesel demands for the next two months. This is part of a broader initiative to manage the economic consequences stemming from the ongoing conflict in Iran.

The war has led to increased energy costs, further straining Egypt's already pressed public finances. As a result, the government seeks to rein in consumption and stabilize the economy under challenging circumstances.

The country's finance minister, Ahmed Kouchouk, has projected a 5% rise in debt servicing costs in the upcoming fiscal year, underscoring the urgency of these conservation measures.