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Thursday, 20 October 2016

Cabinet economic group announces more spending cuts

Ismail government announces cuts to state spending, mum on subsidies: The Ismail cabinet’s economic group is recommending the government slash non-salary spending by government bodies by as much as 15-20%, according to a cabinet statement picked up by Youm7. The cuts wouldn’t apply to salaries or spending on projects. Bureaucrats can forget about that new oak desk and fountain pen. The economic group is also pushing to downsize Egypt’s diplomatic missions abroad by as much as 50%. The economic group also decided yesterday to:

  • Approve the USD 900 mn phosphate manufacturing complex in Wadi El Gedid which will be developed by China State Construction Engineering Company;
  • Allocate EGP 900 mn towards completing the Egyptian Museum;
  • Allocate EGP 200 mn towards housing development in Luxor;
  • Approve completing the feasibility study for an electric railway project connecting the new capital with 10th of Ramadan city.

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