Egyptian Prime Minister Mostafa Madbouly held a meeting on Tuesday with key stakeholders to discuss the availability of food commodities in the markets and control prices. The meeting was attended by representatives from the Central Bank of Egypt, the Ministry of Supply and Internal Trade, the Ministry of Finance, the Ministry of Agriculture and Land Reclamation, the Ministry of Trade and Industry, the Federation of Egyptian Chambers of Commerce (FEDCOC), the Industries Union, the Competition Protection and Prevention of Monopolistic Practices Authority, as well as heads and officials of several chambers of commerce and representatives of private companies dealing with food commodities and trade.
At the beginning of the meeting, the Prime Minister emphasized that there have been significant increases in the prices of food commodities in recent months. He mentioned that he had previously met with FEDCOC President and they agreed to hold an expanded meeting to discuss certain demands. The meeting was called to coordinate efforts to ensure an abundance of various commodities in the markets and lower prices, especially for food commodities. The Prime Minister also said that the government will work with the Central Bank to provide the required foreign currency component and find solutions to reduce the prices of essential commodities.
During the meeting, various aspects of the initiative to reduce prices of essential commodities were discussed, and it was agreed to announce all the details next week in coordination with the Central Bank and the relevant ministries.
The Minister of Supply referred to the meetings held with various relevant entities in order to identify a number of essential commodities that need to be provided at reasonable prices. He also mentioned that efforts will be made to provide any required foreign currency component in coordination with the Central Bank, with the aim of reducing the prices of these commodities. He explained that agreements will be made with various commercial chains to achieve the goal of ensuring a real reduction in prices for consumers.
Al-Wakil, President of FEDCOC, highlighted the cooperation and coordination with various relevant ministries, the Central Bank, and the Industries Union to implement a number of initiatives that will contribute to providing essential commodities at reduced prices. He affirmed that this is done in accordance with continuous directives to ensure the availability of essential commodities in appropriate quantities and prices.
