Prime Minister follows up on implementation of Price Reduction Initiative

Shaimaa Raafat
5 Min Read

Egyptian Prime Minister Mostafa Madbouly held a meeting  on Sunday to follow up on the implementation of an initiative to reduce prices of basic goods. The meeting was attended by Minister of Supply and Internal Trade Ali Al-Moselhi, Minister of Local Development Hisham Amna, and officials from several ministries and agencies.

Madbouly began by noting that the meeting was to discuss the latest developments in the implementation of the initiative, which launched on Saturday across the country in cooperation with the Federation of Egyptian Chambers of Commerce and the Federation of Egyptian Industries. The goal of the initiative is to reduce inflation and create more stability in prices, so that citizens feel a real decrease in the prices of basic goods.

“We regularly check to make sure that goods are available in markets in the appropriate quantities to meet the needs of citizens,” Madbouly said. “We are also working to secure a strategic stockpile of basic goods, especially in light of the many repercussions of political events and global challenges.”

During the meeting, Madbouly stressed the importance of all government ministries and agencies involved continuing to implement the agreements reached in meetings with the Federation of Egyptian Chambers of Commerce and the Federation of Egyptian Industries. These agreements include providing more facilitations and procedures that will help to ensure the success and continuation of the initiative, and to ensure that citizens have access to the goods they need at reduced prices.

Madbouly also noted the recent decision by the Prime Minister’s Office to approve a set of customs exemptions on imports of a number of goods, including poultry, dairy products, butter, cheese, sugar, and medicines.

He also stressed the importance of regularly monitoring markets to ensure that the agreements are being implemented. This is the responsibility of all relevant authorities.

Al-Moselhi, the Minister of Supply and Internal Trade, confirmed during the meeting that stocks of all goods are safe. The ministry is continuing to strengthen strategic stocks of basic goods, in accordance with the directives of President Abdel Fattah el-Sisi.

He noted that the stock of wheat is sufficient for 4.7 months, sugar for 8 months, oil for 6.1 months, frozen meat for 5.6 months, live meat for more than two months, and pasta for 3.9 months.

Regarding rice, the minister said that 250,000 tons of rice have been announced for import to reinforce strategic stocks for 6 months.

Al-Moselhi also discussed the meetings and meetings that have been held with the head of the Rice Division of the Egyptian Federation of Industries and representatives of the division. He said that these meetings are part of ongoing cooperation with the division to establish governing and organized frameworks. He confirmed that Egypt has self-sufficiency in rice production, but is working to create more balance in prices.

Al-Moselhi also confirmed the role of the initiative that was recently launched in bringing about a real decrease in the prices of the specified goods. He praised the cooperation and coordination with the Central Bank of Egypt in this regard to provide the needs of the foreign component, to provide more basic goods to meet the requirements of citizens.

For his part, Minister of Local Development Amna said that various leaders in governorates across the country are regularly monitoring the implementation of the initiative to reduce the prices of basic goods on the ground. There are specialized committees for this purpose, and he confirmed the ministry’s readiness for further cooperation with ministries and relevant agencies to provide various goods at appropriate prices and quantities for citizens.

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