CAIRO: Economic ministers in Egypt’s new government are pledging to ease shortages and make it easier for factories to operate, while signaling that any major reforms to repair the state’s crumbling finances will be undertaken cautiously.
The cabinet, formed this week, has not yet issued a detailed statement on its plans for the economy, but public comments by ministers suggest they will focus first on reducing public discontent and removing barriers to industrial production.
Major structural reforms of economic policy, such as changes to Egypt’s wasteful and expensive system of fuel and food subsidies, will be discussed, but early action is unlikely.
“My first priority is to make sure that supplies of basic commodities like wheat are within the safe limits,” state-owned Al-Ahram newspaper quoted Mohamed Abu Shadi, a police general who was appointed supply minister, as saying.
Foreign exchange shortages under the government of President Muhammad Mursi, ousted this month by the army, reduced Egypt’s wheat imports and its stocks of the grain have fallen.
Shadi said he aimed for a public discussion about Egypt’s bread subsidies, a debate that would include producers, distributors and consumers. But he did not specify when the talks would end and when decisions on any reforms might be made.
State news agency MENA quoted him as saying no action affecting citizens would be taken before a public opinion poll had been conducted to find out their needs and demands.
The caution with which Egypt’s interim cabinet is approaching economic policy stems from the political pressures it will face in a tense transition back to civilian rule.
After a year of Mursi’s administration, Egypt’s fiscal position is desperate; in recent months government revenue has covered barely half of all expenditure, leaving borrowing and aid to make up the rest.
But a major task of the interim government is to steer Egypt to parliamentary elections expected in about six months. The transition could be delayed by any radical reforms of the budget system that hurt living standards and brought protesters back onto the streets.
Also, this month’s pledges of $ 12 billion of economic aid from Saudi Arabia, the UAE and Kuwait are likely to ease immediate pressure on the budget, allowing the government to continue spending in coming months.
So rather than pushing bold policy changes in the near term, the new cabinet looks likely to focus on trying to resolve some of the logjams, logistical breakdowns and inefficiencies that damaged the economy under Mursi, such as the fuel shortages that caused public outrage.
Sherif Ismail, the new oil minister, told Al-Ahram this week that he would focus on meeting domestic demand for petroleum products by increasing natural gas production and resuming imports of diesel and low-quality mazut fuel.
Interim trade and industry minister Mounir Fakhry Abdel Nour said his priority would be resuming halted industrial projects, providing power to industry, and bolstering security in industrial areas.
In an apparent effort to secure working class support for the government, manpower minister Kamal Abu-Eita, a former union leader, has said he plans to strengthen legal protection for unions and improve minimum wage policy.
He did not give details.
The cabinet as a whole has not yet said clearly whether it will resume talks with the International Monetary Fund on a $4.8 billion loan, which would come attached to economic reform commitments that the government might find politically risky.
Planning minister Ashraf Al-Arabi said this week that now was not the right time to restart negotiations with the IMF because the aid from the Gulf would carry Egypt through the transitional period.
The new finance minister, Ahmed Galal, said in a statement earlier that an IMF loan was “part of the solution,” but he did not specify whether the interim government would aim to sign an IMF deal during its tenure, or leave that to a post-election administration.
It is possible that the interim government, which is packed with economic technocrats, will hold talks with the IMF and make minor reforms, laying the groundwork for bigger changes.
Final decisions and implementation of them, as well as the signing of any IMF deal, could be left to the next government, which will be able to claim a democratic mandate.
“We need time to read and study the issues and files on the ground, to come up with sound and well thought-out decisions that will pave the way and build the future for governments to come,” Galal said in his statement.
He said it was important to manage public spending and bring the budget deficit under control. But he also said Egypt needed to avoid deflationary policies as they could hurt the labor market — a hint that quick, sharp public spending cuts would not be made.
An army official said the army understood the importance of fixing the economy and would give the cabinet a lot of leeway to do so.
“We are leaving it to the interim government to decide on polices, and they will get our backing on whatever they agree to do, including if they want to move forward with the IMF deal.”
Egypt economy chiefs vow to ease shortages
Egypt economy chiefs vow to ease shortages
Future Minerals Forum launches global index to track critical mineral supply chains
RIYADH: The Future Minerals Forum on Jan. 12 launched the “Future Minerals Index Report,” a first-of-its-kind global tool designed to measure and track progress in developing critical mineral value chains across producing, exporting, and consuming countries.
The initiative aims to support the creation of more resilient and responsible supply chains and promote sustainable development worldwide.
Khalid Al-Mudaifer, vice minister of industry and mineral resources for mining affairs, stated: “The Future Minerals Index Report is an unprecedented and essential document; it is an intellectual tool that highlights key trends in the mining and minerals sector, particularly in terms of insights and directions from sector stakeholders, including government leaders, global mining executives, experts, and interested parties.”
He pointed out that the report is distinguished by its tracking of developments in mineral supplies and its provision of actionable recommendations to ensure the sustainable development of critical mineral value chains.
Al-Mudaifer described the report as a new international benchmark that establishes a comprehensive baseline to measure the progress of governments, companies, and investors in enhancing more resilient and responsible mineral supply chains.
He said it provides a clear picture of how global critical mineral markets are shaped by capital, risk, and trust dynamics. “It shows where investment is growing or shrinking and identifies the widening gap between resource availability and capital allocation. Based on this baseline, the report will monitor changes in risk perceptions, investment flows, and progress toward more resilient mineral value chains.”
Ali Al-Mutairi, general supervisor of the Future Minerals Forum, emphasized the report’s importance and the attention it received at the forum due to its role in highlighting global trends in the mining sector.
He explained that the report was prepared in partnership with McKinsey & Co. and in collaboration with other sector experts, including S&P Global Market Intelligence, Global AI, and GlobeScan.
“It integrates stakeholder trends, data, market insights, and intelligence into a single reference that supports global mining and mineral sector decision-making,” he said.
Jeffrey Lorsch, partner at McKinsey & Co., commented: “The Future Minerals Index Report, by integrating market data, stakeholder perspectives, and value chain standards, provides a strategic roadmap to help companies navigate volatility and unlock long-term growth opportunities.”
The report is based on the “Future Minerals Framework,” developed with contributions from 47 experts across multilateral organizations, non-profits, and private companies. It was first introduced at the 2025 International Ministerial Meeting.
The framework outlines key enablers for end-to-end value chains, including supportive policies and regulations, innovative financing solutions to secure and manage investments, multimodal infrastructure such as roads, railways, and ports to reduce costs and increase viability, and sustainability through strong environmental and social governance frameworks.
It also includes talent development through education, training, R&D, technological modernization via updated geological data systems and global expertise partnerships, and geology through reliable, accessible geological data in producing, exporting, and consuming countries as a critical factor in attracting investment.
The report highlighted the world’s urgent need to sustain mineral supplies, featuring contributions from leading industry figures.
Robert Friedland, founder of Ivanhoe Mines, Ivanhoe Electric, and I-Pulse, stated that the electrification of energy systems, digitalization of the economy, and the rapid growth of artificial intelligence are converging toward a future that increasingly depends on minerals.
He stressed: “You can’t reduce emissions, build computing systems, or transport energy without mining.”
Bob Wilt, CEO of Ma’aden, said in the report: “We are not fully prepared to deliver the minerals the world needs. Our biggest challenges are not equipment, capital, or technology — but people.”
Duncan Wanblad, CEO of Anglo American, noted that global copper demand is expected to grow by 75 percent to reach 56 million tonnes annually by 2050. To meet this demand and offset declines from aging mines, the sector will need to open approximately 60 new mines the size of Quellaveco within the next decade alone.
Gustavo Pimenta, CEO of Vale, said in his contribution: “I can’t imagine a future without mining — at least not a sustainable one that balances economic development with environmental protection and social responsibility. Mining has become essential to everything.”
The release of the Future Minerals Index Report coincides with the upcoming fifth edition of the Future Minerals Forum, being held from Jan. 13 to 15, 2026, in Riyadh under the patronage of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud. The event is held under the theme “Minerals: Facing the Challenges of a New Era of Development.”
The forum will host a wide range of ministers and CEOs from leading global mining companies, reflecting its stature as a global platform in the mining sector and a key event showcasing Saudi Arabia’s leadership in shaping the future of minerals regionally and internationally.
