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Arab Finance: Prime Minister has directed the swift rollout of an incentive initiative to encourage factories and households to switch to solar energy, as the government seeks to ease pressure from the ongoing regional and global crisis, as per a statement.
Chairing the Central Crisis Management Committee meeting on April 26th, Madbouly reviewed measures to rationalize the consumption of fuel and electricity, as well as government spending.
He also underscored the importance of promoting a culture of efficiency amid the economic fallout affecting countries worldwide.
Moreover, Madbouly stressed the need to maintain strict market oversight to ensure price stability and prevent manipulation, aiming to secure the availability of goods at appropriate prices.
During the meeting, the cabinet approved the suspension of the decision requiring shops, malls, and restaurants to close at 11:00 pm, returning instead to previously applied operating hours, cabinet spokesperson Mohamed El-Homsani said.
For his part, Minister of Planning and Economic Development Ahmed Rostom presented an assessment of the crisis’s impact on growth and inflation prospects locally and globally, along with scenarios from international institutions.
According to the International Monetary Fund (IMF), global economic growth is expected to slow to 3.1% in 2026 from 3.4% in 2025, while growth in the Middle East and North Africa region could drop sharply to 1.1%. This reflects higher global commodity prices, particularly energy and food, and reduced investor risk appetite.
Rostom also noted that global trade growth is projected to decline to 2.8% in 2026 from 5.1% in 2025.
