MEMPHIS REISEN

Egypt’s PM oversees procedures for setting EGP 1trn public investment ceiling – Dailynewsegypt

Egypt’s Prime Minister Mostafa Madbouly chaired a meeting on Monday to discuss procedures for implementing the EGP 1trn cap on public investments for the fiscal year (FY) 2024/25 fiscal year. The move aims to curb inflation rates, according to the Prime Minister.

The meeting was attended by key officials including Minister of Planning and Economic Development Hala El-Said, Head of the Central Auditing Agency Hisham Badawi, and Deputy Minister of Finance Ahmed Kouchouk.

Madbouly emphasized the role of the newly formed “Committee for the Governance of Total Public Investments in the State,” which is tasked with collecting data on investment plans from all state entities and ensuring adherence to the spending limit.

The committee, chaired by the Central Auditing Agency, will be supported by a technical secretariat comprising representatives from the Ministries of Planning, Finance, and Economic Development.

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

The meeting also touched upon the draft law for the FY 2024/25 economic and social development plan, which has been submitted to the House of Representatives for approval. El-Said highlighted that the plan’s targets will be aligned with the allocated investment resources.

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