- Egypt will not reduce spending on national projects to ease pressure on USD reserves
According to Zawya article published on December 27, 2022, Egyptian banks will provide the required dollars to clear a backlog of goods piled up at ports due to the shortage of hard currency since the beginning of 2022, Asharq Business reported on December 26th, quoting President Abdel Fattah El-Sisi.
Egypt will not reduce spending on national projects to ease pressure on USD reserves, El-Sisi added during the inauguration of two medical and industrial gases factories and a tri-generation power plant in the Abu Rawash Chemicals Complex in Giza.
The president noted that the government had refrained from raising electricity tariffs for factories to avoid transferring the increase to the prices of goods in the market.
He added that efforts had been exerted to ensure a steady supply of fertilizers in the local market at affordable prices.
On December 25th, the Egyptian government announced the release of around $5 billion worth of goods from ports during the period from December 1st to 23rd.
