Arab Finance: The Egyptian Cabinet’s decision on the public spending rationalization is not applied to healthcare services, as well as subsidized commodities, petroleum products, social insurance pensions, and the Takaful and Karama program, Ahram Gate reported, citing the Minister of Finance Mohamed Maait.
Maait also noted that priority would be given to Egyptian products in terms of contracts, even if their prices exceed the imported ones by around 15%.
This move aims at promoting the local production, localizing industries, encouraging the private sector to make more investments in competitive industries, and exporting to international markets.