Egypt Takes Energy-Saving Measures Amid Rising Costs

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.

(With inputs from agencies.)