The Clap
Due to the hard currency shortage, construction companies are struggling with raw material scarcity.
What
The FX shortage affected infrastructure projects, such as roads and bridges, which the government is currently working on completing, sources told Asharq Business.
So What
Steel and cement companies reduced their contracted quantities to less than 50%, the head of one of the major state-owned contracting companies told the same source.
Some Context
Earlier this month, the government cut investments in new projects and governmental entities won’t be allowed to make any external financing agreements that require FX.
