Madbouly said the government had made this move as the country’s monthly natural gas import bill jumped from $560 million to $1.65 billion.
The measures, introduced shortly after the outbreak of the US-Israeli war on Iran on 28 February, also include fuel price increases, a 30 percent cut in fuel allocations for government vehicles, and energy-saving steps such as earlier shop closures and one day of remote work per week.
A crisis committee was set up at the start of the war to monitor risks to supply chains, trade, and energy markets, while authorities moved to secure strategic reserves of food, medicine, and key inputs, Madbouly said.
He added that coordination with the Central Bank of Egypt (CBE) helped ensure foreign currency availability for essential imports, drawing on reserves that reached $52.8 billion at the end of March.
The government said early energy-saving measures reduced consumption, citing initial electricity savings of 18,000 megawatt-hours in the first week, alongside fuel savings of 3.5 million cubic metres, and an additional 4,700 megawatt-hours and 980,000 cubic metres saved through remote work arrangements
Madbouly said the economic shock was driven largely by volatility in global energy markets, with oil prices rising from about $69 a barrel before the conflict to as high as $120, before stabilizing near $95. Disruptions to flows through the Strait of Hormuz—a key route for 20 percent of global oil shipments — have added to the pressure.
The government is preparing for a prolonged crisis and has drawn up multiple scenarios to manage its impact on inflation, trade, tourism, and supply chains, he said, noting that 60 countries have introduced similar measures by mid-April.
Social support measures included the EGP 40 billion package targeting low-income households during Ramadan and Eid, while broader steps include raising the minimum wage to EGP 8,000 per month from July and granting annual pay increases of 12 percent for civil servants and 15 percent for other public employees.
Despite the external pressures, Madbouly said recent economic reforms had improved resilience, pointing to inflation easing to 11.9 percent in January 2026 from a peak of 28 percent, economic growth of 5.3 percent in the first half of the fiscal year, and foreign direct investment (FDI) inflows rising to $9.3 billion.
He said remittances climbed 29.6 percent to $22.1 billion, tourism revenues rose 17.3 percent to $10.2 billion, and the current account deficit narrowed by 13.6 percent to $9.5 billion in the same period, reflecting improving fundamentals before the crisis.
He said the government would continue implementing its FY2026/27 economic plan, which targets total investments of around EGP 3.8 trillion and aims to increase private-sector participation to 60 percent of total investment, positioning the private sector as the main driver of growth.
Madbouly added that Egypt is accelerating its shift toward renewable energy, with capacity rising from 5,934 megawatts in 2020 to 9,366 megawatts in 2025, and plans to add 2,500 megawatts in 2026 along with 920 megawatts of storage capacity, targeting 45 percent of electricity generation from renewables by 2028.
The government is also working to boost domestic oil and gas production, settle $6.1 billion in arrears owed to foreign partners by mid-2026, and expand exploration activity to reduce reliance on imports, he said.
Madbouly said Egypt’s response combined domestic stabilization measures with diplomatic efforts to support Gulf states and push for a political resolution to the conflict, warning that even if the war subsides, its economic impact is likely to persist through the end of the year.
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