Egypt deputy PM says energy prices to remain unchanged through year-end
The price freeze follows a series of hikes driven by global market volatility and regional instability, the latest of which is the US-Israel war on Iran, which is driving up oil prices and shipping costs.
As a result, in March, Cairo raised domestic prices for several petroleum products and vehicle natural gas, while the electricity ministry increased tariffs for commercial users and high-consumption households.
Eissa also announced that the government plans to list 10 state-linked companies on the stock exchange, including a bank and two military-owned firms.
The planned initial public offerings (IPOs) are part of a broader strategy to boost private sector participation and deepen capital market activity, he said.
The deputy prime minister added that Cairo is pivoting away from debt-fueled financing to manage its balance sheet.
"The idea is not to take new debt to service old debt, but to operate existing projects more efficiently and use their returns to meet obligations," Eissa said.
Egypt is currently prioritizing the restructuring of state-owned companies to improve governance, Eissa noted, adding that the country's public enterprise sector currently comprises around six holding companies and 66 subsidiaries.
A ministerial committee comprising nine members is working to support startups and entrepreneurship, Eissa said. He noted that despite the challenges smaller firms face when competing with larger companies, Egypt’s population growth presents significant opportunities, particularly in the technology sector.
On fiscal policy, the deputy prime minister said Cairo is in ongoing discussions with the International Monetary Fund (IMF) over budget management, asset governance, and state divestment plans aimed at cutting government spending through the end of the fiscal year in June.
An updated State Ownership Policy Document, which outlines the government's privatization strategy, is expected to be issued by late June. This will be followed by an implementation plan detailing the timeline, sectors, and the exact number of companies targeted for divestment, Eissa added.
While recent economic indicators show a decline in inflation, Eissa stressed that these macroeconomic improvements must translate into tangible benefits for citizens. He added that the government remains focused on easing regulatory procedures to enhance the private sector's role in driving economic growth.