Madbouly stressed that the government will work to ensure that there is an abundance of various commodities in the markets, which will contribute to lower prices, especially food commodities
The Egyptian government is working hand in hand with the Central Bank of Egypt (CBE) to design an initiative to tackle the issue of soaring prices for essential commodities and all the details will be announced next week, according to a Cabinet statement on Tuesday.
During a meeting, Prime Minister, Mostafa Madbouly, confirmed that severe increases in the prices of food commodities had been observed during the recent period. He noted that he previously met heads of commerce chambers and industry unions, therefore it was decided to hold this meeting with the Governor of CBE, Hassan Abdalla, and the relevant ministers.
Madbouly stressed that the government will work to ensure that there is an abundance of various commodities in the markets, which will contribute to lower prices, especially food commodities. Moreover, they will work in coordination with the CBE to provide the required dollar component.
The meeting was held in the presence of Governor CBE, Hassan Abdalla; Minister of Supply and Internal Trade, Ali Moselhi; Finance Minister, Mohamed Maait; Minister of Agriculture and Land Reclamation, El Sayed El Quseir; heads of commerce chambers and industry unions and food companies and vendors in the country.
Earlier in April, Egypt's Ministry of Finance reported an increase in spending on subsidized commodities to EGP 46.68 billion during the period from July to the end of January 2023, compared to EGP 40.32 billion during the same period of the previous fiscal year.
Earlier in September during a Hayah Karima event in Beni Suef, President El-Sisi adjusted the minimum wage for all personnel of the administrative body in the state and the economic positions from EGP 3,500 to EGP 4,000.
