Egyptian Prime Minister (PM) Mostafa Madbouly launched a new measure aimed at tackling the escalating inflation and alleviating the burden on citizens. The initiative seeks to reduce the prices of vital commodities by 15-20 percent in the coming days.
Read more: Egypt implements fuel price increases as part of IMF agreement
The announcement followed a meeting between the PM and representatives from the private sector, including manufacturers, suppliers, and retailers. During the discussions, Madbouly emphasized the importance of collaboration between the government and private businesses to ensure that the benefits of the initiative directly reach consumers.
The price reduction plan encompasses a wide range of essential goods such as food items, beverages, and household necessities. These products are expected to witness a price decline of 15-20 percent within 48 hours, with further reductions of up to 30 percent anticipated after the upcoming Eid al-Fitr holiday.
To address potential concerns regarding the supply chain, the government has taken measures to ensure an adequate stock in the market. PM Madbouly announced the release of $4.5 billion worth of goods that were previously held up at ports due to foreign currency shortages by the Central Bank of Egypt.
Furthermore, the government is actively working to alleviate production costs for businesses by providing subsidies on energy and raw materials.
This initiative is projected to have a significant positive impact on the lives of millions of Egyptians. The PM reiterated the government’s commitment to safeguarding consumer interests and ensuring affordable access to essential goods.
For more news on the economy, click here.