Egypt PM says recent economic crisis over, calls for price cuts - Society

Al-Ahram Weekly

5 days ago

Prime Minister Mostafa Madbouly said on Tuesday that Egypt has overcome its recent economic crisis, calling for a tangible drop in commodity prices.
'All indicators of Egypt's economic performance are positive, but the current prices of goods do not align at all with this improvement,' Madbouly said at a meeting with merchants and manufacturers in New Alamein City.
He urged identifying causes that will lead to a downward trajectory in prices.
'Just as prices rose in previous periods due to the challenges we faced, they must now decline,' a cabinet statement quoted Madbouly as saying.
He underlined the government's efforts to ensure the availability of various goods and production inputs for factories.
'We have succeeded in achieving this through full stability and a commitment from the banking system to provide all the foreign currency requirements for imports over the recent period,' he said.
Madbouly stressed that citizens now need to see a genuine drop in commodity prices, particularly given the recent strengthening of the Egyptian pound against the US dollar.
The Egyptian pound has seen a modest appreciation against the US dollar, with the official exchange rate falling below EGP 49 for the first time since late October 2024, nearly nine months ago.
Since early 2022, Egypt has faced prolonged economic pressures, including a foreign currency shortage that drove up prices of most goods, particularly food.
In response, the government began implementing measures to boost US dollar liquidity in the domestic market, aiming to release goods stockpiled at ports and restore market stability amid soaring inflation.
Madbouly instructed the President of the Federation of Egyptian Chambers of Commerce to convene the heads of all commercial chambers and agree on genuine price reductions across a range of goods.
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