Egypt’s Prime Minister Mostafa Madbouly chaired a meeting on Sunday to monitor the executive measures aimed at providing commodities and regulating Egyptian markets.
The meeting was attended by Ali El Meselhi, Egypt’s Minister of Supply and Internal Trade, El Quseir, Minister of Agriculture and Land Reclamation, General Khaled El Gazzar, Director of Planning at the National Service Projects Organization, Hossam Saeed, Chairman of the Board of Directors of the Refrigeration Company, and Walid Abbas, Director of the Financial Administration at the National Service Projects Organization, along with relevant officials.
Madbouly commenced the meeting by indicating that the Egyptian government intends to swiftly take action to secure a strategic reserve of basic commodities to regulate the markets effectively.
Given the rise in prices of several commodities despite recent economic measures implemented by the state, which have contributed to the availability of dollars in the banking system, thereby relieving traders of the burden of managing the parallel market, it has been directed that certain state-affiliated entities undertake the responsibility of providing a strategic reserve of essential goods.
Madbouly stressed that the state is not working against the private sector; however, interventions are necessary to regulate the markets, especially during times of crisis.
In this context, he requested ministers and relevant officials to identify the actual needs of strategic goods, paving the way for importing and supplying them to the markets to help achieve price stability.
Mohamed El Hamshany, the official spokesperson for the Egyptian Cabinet, stated that during the meeting, the status of various commodities and the available strategic inventory were reviewed.
It was emphasized that there must be an adequate strategic reserve of basic commodities, enabling the state to intervene in the event of any emergency crisis, while simultaneously empowering the government to achieve the desired market balance.
The prime minister Madbouly directed the study of increasing the strategic reserve of basic commodities by about 20%.
An executable plan will be devised to respond in case of any crisis, enhancing the state’s ability to intervene and bring about the desired market equilibrium.
