CAIRO – 17 March 2022: Egypt’s Cabinet followed up on Thursday the measures to secure financial resources and foreign funds to provide the required quantities of strategic goods and basic needs locally amid the Russia-Ukraine crisis.
Prime Minister Mostafa Madbouli chaired the Cabinet meeting on Thursday with the participation of Governor of the Central Bank of Egypt Tarek Amer, Minister of Planning Hala El-Saeed, Minister of Finance Mohamed Maait, and Minister of Trade Nevin Gamea.
The meeting sought to discuss developments on the economic level and the measures taken by the central bank and the government to contain the negative implications of the Russia-Ukraine crisis.
The meeting stressed the continuation of follow-up and evaluation measures of current developments in order to ensure a rapid response and take measures that ensure reducing the severity of the negative effects of this global crisis.
A Cabinet meeting on Wednesday stressed the continuation to make every effort to implement the directives of President Abdel Fattah El-Sisi and take the necessary measures to provide basic commodities to citizens at reduced prices through all Fixed and mobile government outlets across the nation.
Wheat incentives
On Wednesday, the Cabinet announced setting the additional incentives ordered earlier by Sisi to encourage farmers to hand their local wheat to the state at LE 65 per ardeb.
As per the directives, price of wheat ardeb, which is equal to 150 kilograms, will be LE 865, 875, and 885 for wheat with purity percentage of 22.5, 23, and 23.5 respectively.
Egypt has already raised the price of ardeb from LE 710 to nearly LE 810 last year to encourage farmers to supply local wheat.
On Monday, Ministers of Supply and Internal Trade, Finance and Agriculture issued a decree to start the season of supplying locally produced wheat for 2022 on April 1 instead of April 15.
The Ministry of Supply had prepared well for this season after increasing wheat storage capacities and capacities to 3.6 million tons, Ahmed Kamal, the official spokesman for the Ministry of Supply, said, adding that a large number of field silos would enter the season this year.
Egypt is the largest importers of wheat in the world, especially from Ukraine and Russia. Due to the military escalation in Ukraine by Russian troops, wheat supply to Egypt has been affected and caused an increase of the price of the unsubsidized bread by 25 piasters per one loaf.
Sisi instructed the government Tuesday to set a fixed price for the unsubsidized loaf of bread putting an end to its random increase.
The president urged the government to study the cost of production per loaf, and accordingly designate the selling price. That is in tandem with charging the Ministry of Supply and Internal Trade with providing the necessary flour to bakeries to inhibit the fluctuation of the cost.
The president also stressed that supply police and inspectors must ensure that the decision is implemented by merchants, according to a statement by the presidency.
The president's instructions came during a meeting with Prime Minister Mostafa Madbouli, Minister of Defense and Military Production Mohamed Zaki, Minister of Supply and Internal Trade Ali al-Moselhy, Minister of Interior Mahmoud Tawfiq, and Chief of General Intelligence Abbas Kamel.
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