The Privatization and Corporatization Board, PCB, says the Finance Ministry has instructed state-owned enterprises to reduce their staff numbers by 33 percent as part of efforts to reduce operating costs and strengthen cost management.
In a statement to the media, PCB said that the Ministry of Finance and Enterprises has instructed the Board to take necessary measures through relevant laws and regulations to strengthen the system and management of government-owned enterprises (SOEs).
It said that in a letter dated 17 April 2026 to PCB President Mohamed Anas, the Ministry outlined additional measures to enhance the operational efficiency of companies and strengthen human resource management, as well as promote financial sustainability.
PCB further said that in addition, the ministry has instructed to strengthen the recruitment system and ensure that the merit-based policy of appointment based on educational qualifications, skills, and abilities is enforced. This is to ensure that the most suitable candidates are selected for the jobs and to facilitate the companies to carry out their work in the most efficient manner.
The Board shared that, as the Ministry noted, these measures are essential at the moment for the long-term sustainability of companies and for shaping their operations in line with state financial and operational policies.
PCB also said that it has been instructed to monitor the implementation of the measures at the companies and to provide the Ministry with updates.
The Board added that these new measures were in addition to the measures it had already implemented at the companies to cut down on costs. It said that early measures included controlling pay and benefits, ceasing promotions and hiring new employees except in cases of necessity, limiting overtime work, canceling non-essential events, and cutting back on travel and other discretionary expenses.
