The initiative, which will be implemented as of next Saturday, includes: beans, dairy products, white cheese, mixed oil, pasta, sugar, and lentils, as well as poultry products, eggs, and rice, according to a statement from the Council of Ministers on Monday.
After chairing a meeting with representatives of merchants, manufacturers, and government officials, Egyptian Prime Minister Dr. Mostafa Madbouly said, “The government realizes that the challenges are difficult at the level of the entire world, especially in the region, and therefore what was agreed upon with manufacturers and merchants will be implemented in order to activate the initiative.” Low prices, and we will follow up on implementation, which will reflect positively on the availability and decline of goods and the stability of the markets.”
The Prime Minister confirmed that all goods included in the initiative will be exempt from any customs or fees for a period of 6 months, adding that any decision we need to reduce the prices of goods we will take immediately, at the same time thanking the national private sector, which responded to the government in order to activate this initiative. The task, which will contribute to alleviating the burden on citizens.
The Egyptian Minister of Supply, Dr. Ali Moselhi, said that it was agreed with the commercial chains that they would not receive any profit on the agreed upon goods, pointing out at the same time that it was agreed that the reductions would range between 15 and 25 percent for the specified goods, and that the government would follow up on implementation. On the ground, it was agreed that the initiative would begin next Saturday.
Last August, the annual inflation rate in Egypt reached an unprecedented level of 37.4 percent, compared to 36.5 percent in July, which was driven by the large increase in food prices, which amounted to 71.4 percent on an annual basis… while expectations indicate that inflation will continue to rise. to a new record high in September.
The decline of the pound, which lost about half its value against the dollar, contributed to a significant rise in prices, in addition to the limited ability of the government to control prices in the markets.
According to the Egyptian Council of Ministers statement, coordination will be made with banks in order to provide the foreign component in the goods whose prices have been agreed to be reduced, in addition to accelerating the customs release of goods from the ports, in order to reduce the obligations incurred by manufacturers and merchants. To contribute to reducing costs for manufacturers and merchants.
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