Egypt’s PM call for more efforts to meet needs of local markets of medicine, fertilizers

CAIRO – 8 August 2024: In his meeting with the cabinet members on Thursday, Prime Minister Mostafa Madbouly highlighted the need to intensify the state’s efforts to overcome challenges that may face the local markets of medicine and fertilizers.

The Prime Minister directed the concerned parties to follow up on the development and the situation of these markets on daily basis and to adopt urgent measures to overcome any emergency, the cabinet said in a statement.

Egypt is facing a shortage of medicines in local markets due to difficulties in securing the hard currency required for importing raw materials. Additionally, the fertilizer shortage crisis has been attributed by some lawmakers to a lack of coordination between the ministries and relevant agencies.

Madbouly emphasized the need for ministers to increase field visits to Egyptian factories across all governorates. This will help identify existing challenges and facilitate regular meetings with the industrial chambers of the Federation of Industries and export councils to determine the necessary measures for overcoming these challenges.

He also highlighted the importance of developing a national vision to address the needs of factories—such as trained technical workers, energy sources, and raw materials—by coordinating with governors. This approach aims to support factory expansion, ensure local market supply, and enhance export capabilities.

On another note, the Prime Minister addressed the recent economic developments in global markets during the meeting. He noted the unprecedented sharp declines in financial markets, which led to the loss of trillions of dollars in market value due to significant drops in stock prices and intense selling pressure.

He also highlighted that these economic issues were compounded by extremely complex regional political developments, raising concerns about their potential impact on the stability of regional countries and the future of their economies.

Thus, Madbouly emphasized that the Egyptian government is actively addressing both global and regional challenges to ensure the country’s security and stability at both political and economic levels. The economic team has been instructed to closely monitor these developments and implement measures aimed at maintaining and enhancing economic stability.

An imminent war is looming in the region between Iran/Lebanon and Israel after Israel carried out a series of assassinations against the Lebanese Hezbollah fighters, recently of whom is the Deputy Secretary-General of Hezbollah Fouad Shokr (aka Abu Mohesen), and against head of the Hamas’ political bureau Ismail Haniyeh.

Iran, Hezbollah and Iraqi Army vowed to revenge for those who killed by Israel. Hezbollah Secretary-General Hassan Nasrallah said that Israel whosoever stands with it should know that our response is inevitable and non-negotiable.

Iranian Supreme Leader Ayatollah Ali Khamenei vowed retaliation, characterizing it as a "duty." Reports indicate that Khamenei has ordered a direct strike against Israel.