Latest news with #EgyptianCabinet
Zawya
14-07-2025
- Business
- Zawya
Local wheat boom helps Egypt curb import bill
In response to recent reports claiming the local wheat procurement system failed to meet its targets this season, alongside allegations of the premature closure of some collection centers due to farmers' reluctance to supply wheat, the Egyptian Cabinet has issued a statement refuting these claims. It confirmed that the 2025 wheat procurement season is proceeding regularly, with operations continuing normally across various storage sites nationwide without any closures. In this Factsheet, we explore the Egyptian wheat market's performance and how local wheat production supported Egypt in lowering its wheat import bill. The wheat cultivation season in Egypt extends from mid-April to mid-August. During the ongoing season, the local farmers supplied the government with 91 million tons, a 16% year-on-year (YoY) increase. The increase in local supply was driven by the government's decision to raise the procurement price by 10% to EGP 2,200 per ardeb (equivalent to 150 kilograms). This price is even higher than the imported wheat price. Additionally, farmers' dues are paid immediately within a maximum of 48 hours from delivery, which has encouraged farmers to grow wheat and supply it to the state in large quantities. Despite the increase in supply from local farmers, Egypt remains one of the world's top wheat importers. In 2024, Egypt imported wheat worth $4.4 billion, accounting for 7.8% of global imports. Egypt's largest wheat imports were mainly from Eastern European countries. Russia alone supplied Egypt with wheat worth $3.05 billion, representing 68.8% of the country's wheat imports. Ukraine and Romania followed with $595.1 million and $278.2 million, respectively. In season 2022-2023, Egypt's wheat production slightly declined by 5.8% from 9.6 million tons to 9.1 million tons. This drop was mainly due to the shrinkage in cultivated area by 7% YoY. The New Valley was the top wheat-producing governorate in 2022-2023, with 1.14 million tons or 12.5% of the country's total production. Sharkia and Dakahlia came next with production of 1.08 million tons and 773,864 tons, respectively. Egypt's wheat consumption hit around 16 million tons in 2024, leading to a self-sufficiency rate of 49%. Despite initially targeting a 65% self-sufficiency rate for 2025, the government adjusted this target to 51%. The government subsidized the local consumption of wheat flour and bread with EGP 124.3 billion, making up 77.7% of the total food subsidy budget for fiscal year (FY) 2025/2026. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
10-07-2025
- Business
- Zawya
Egypt: Cabinet assigns TSFE to study use of 15 vacant buildings
Arab Finance: The Egyptian cabinet has mandated the Sovereign Fund of Egypt (TSFE) to study the transfer of ownership of 15 unoccupied buildings, with the goal of preparing them for utilization and future investment offerings, as per a statement. During the weekly meeting chaired by Prime Minister Mostafa Madbouly, the cabinet reviewed the ongoing relocation process of government headquarters following the transition to the New Administrative Capital. The TSFE was instructed to proceed with necessary actions concerning already transferred properties and to study the feasibility of acquiring additional vacant buildings. The cabinet also approved the continuation of work by the committee established under Prime Ministerial decree No. 2684 of 2023, which is tasked with relocating entities lacking available space in the New Administrative Capital. The relocation process will be based on comprehensive feasibility studies and actual needs, including the potential use of buildings vacated by previously relocated entities. Additionally, the cabinet approved issuing a circular requiring all ministries, agencies, and departments to secure vacated premises that have yet to be relocated, pending final decisions on their use. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
29-05-2025
- Business
- Zawya
Egypt: Cabinet approves commemorative coins, backs e-tax contract to enhance tax services
Arab Finance: The Egyptian cabinet has approved two draft resolutions authorizing the issuance of non-circulating commemorative silver coins to mark major national milestones, as per a statement. A 25-pound silver coin will be issued to celebrate the 25th anniversary of the Ministry of Communications and Information Technology, while a 50-pound coin will commemorate the golden jubilee of Zagazig University. The cabinet also approved the Egyptian Tax Authority's (ETA) contract with e-tax, a technology company specializing in tax solutions. Under the agreement, e-tax will provide technical support services and develop applications in line with the authority's operational mandates. In the energy and manufacturing sectors, the cabinet approved the Egyptian Petrochemicals Company's contract with the Arab Organization for Industrialization's (AOI) engine factory to supply components for tanks and heat exchangers used in control units. The factory was selected due to its specialization and capacity to meet the required specifications and efficiency standards. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Arab News
22-05-2025
- Business
- Arab News
Cairo plans economic independence as IMF program nears end
RIYADH: Egypt is preparing to transition away from its current economic reform program with the International Monetary Fund, which is scheduled to conclude by late 2026 or early 2027, according to the country's prime minister. Speaking during his weekly press conference, Mostafa Madbouly stated that the government is developing a long-term national economic strategy that will extend to 2030 and focus on sustaining growth without relying on international institutions, according to an official release. The comments come as Egypt attempts to stabilize an economy that has struggled with record inflation, a depreciating currency, and mounting debt. Over the past few years, authorities have pushed through reforms to unlock external funding, including a major IMF deal, Gulf-backed investments, and a record sale of state assets. In a release on its official social media handle, the Egyptian Cabinet quoted the prime minister as saying: 'We are aiming to develop a national program for the Egyptian state without relying on other international institutions. This will be linked to submitting, for the first time next year, a three-year budget.' In response to a question about the government's vision beyond the current IMF program and its efforts to preserve the gains reflected in recent positive economic indicators, the release added: 'Madbouly confirmed that the government is drafting a detailed plan extending to 2030. This reflects a broader outlook beyond the IMF program, which ends by late 2026 or early 2027.' Egypt's current $8 billion program with the IMF began as a $3 billion agreement in late 2022 and was expanded by $5 billion in March 2024. The deal includes major reforms such as currency devaluation, sharp interest rate hikes, tighter fiscal policy, and privatization of state-owned assets. So far, Egypt has received about $3.3 billion, with a fifth program review conducted in early May 2025. The IMF continues to stress the importance of accelerating structural reforms and managing debt levels. In the release, Madbouly emphasized that the government is prioritizing macroeconomic stability and social development. He pointed to the growing importance of social support programs, saying they would continue to expand annually. He also underlined the importance of technological advancement, industrial development, and greater reliance on digital transformation and artificial intelligence in the country's future economic model. Regarding Egypt's ongoing IMF program, Madbouly clarified that the reform agenda was created and implemented by the Egyptian government itself, with the IMF acting in a supportive role. He said the presence of the IMF and similar institutions in Egypt serves as a confidence signal to foreign investors and the global financial community, and that the IMF's involvement does not entail new conditions or burdens on citizens. Madbouly also addressed developments in the Future of Egypt agricultural project, which he said is designed to rely on modern, mechanized farming and industrial methods. Unlike traditional high-density agricultural zones in the Nile Delta, the new areas will be less labor-intensive and structured to attract large-scale private sector participation. He said the aim is to preserve agricultural productivity by avoiding the fragmentation of land that has affected other regions. On technical education reform, Madbouly announced that the government is reviewing plans to convert outdated commercial diploma schools into modern technological schools that align with labor market needs. This reform will also involve private sector partnerships and follow successful models such as the WE School for ICT Education. He noted that graduates from current vocational tracks will be eligible to join digital transformation initiatives like the state-supported Digital Pioneers Program. In the health sector, the prime minister confirmed that the second phase of Egypt's universal health insurance scheme will expand to five additional governorates. He added that one densely populated governorate might also be included in this phase, bringing the total number of covered regions to 12. Madbouly said the system's financial viability has been reassessed and extended to ensure it can remain sustainable for up to 50 years. He also spoke about the government's plan to support the local production of infant formula, describing it as a capital-intensive industry that requires significant investment. The state is encouraging private sector participation in this strategic initiative and is ready to act as a partner to ensure long-term success and stability in production.
Jordan News
22-03-2025
- Entertainment
- Jordan News
Sisi Praises Samah Hussein's "Qataif" Program... The Artist Responds Humorously - Jordan News
Egyptian President Abdel Fattah El-Sisi praised the "Qataif" program, hosted by artist Samah Hussein, which airs during the month of Ramadan via social media platforms. He commended the program's role in promoting ethical values and reinforcing the Egyptian identity, emphasizing the importance of purposeful artistic work in shaping societal awareness, especially among the youth. اضافة اعلان During an Iftar gathering organized by the Egyptian Armed Forces in Cairo, President El-Sisi jokingly asked Samah Hussein, "Where's the qataif, Hussein?" to which Hussein responded laughing, "They've all been eaten, Mr. President," which lightened the atmosphere among the attendees. In another conversation about the program, El-Sisi asked about the cost of advertising for the show. Hussein replied, "We, Mr. President, made the program for the sake of God, and we didn't spend a penny on advertising, but the Egyptians took care of that and did the best advertising for the program." El-Sisi humorously followed up with, "So, since you didn't spend money on advertising, how much profit did you make from the program?" which caused everyone to laugh. In a related context, the Minister of Endowments of Egypt, Dr. Osama Al-Azhari, honored Samah Hussein at the ministry's headquarters in the New Administrative Capital, recognizing his distinguished artistic contributions, particularly the "Qataif" program. The minister presented Hussein with a copy of the book *What Happened to the Egyptians?* by the renowned author Galal Amin, along with a ministry shield, a certificate of appreciation, and a copy of the Holy Quran. Dr. Al-Azhari emphasized that the content of "Qataif" reflects creativity and conveys moral, ethical, and humanitarian messages that contribute to enhancing societal values and building cultural awareness. He highlighted that conscious art plays a crucial role in the journey of enlightenment and the formation of the Egyptian character. The "Qataif" program airs daily on Samah Hussein's social media platforms, delivering ethical and humanitarian messages in a straightforward style that is suitable for all age groups.
