Cabinet: A package of social and economic measures to preserve Egypt”s economy and the interests of its citizens
In light of the rapidly evolving military situation in the region, the accompanying sharp rise in energy prices, and the volatility in global markets, the Egyptian government is closely monitoring the situation through full coordination between the Central Bank, relevant ministries, and other concerned entities. Prime Minister Dr. Mostafa Madbouly has directed the activation of a daily monitoring mechanism for global market developments, particularly energy prices and international financial flows. This mechanism will enable proactive measures to protect the national economy, ensure the stability of local markets, guarantee the continuity of energy supplies, and maintain economic activity.
In this context, the government is working to secure the country's energy needs by monitoring supply schedules and existing contracts for petroleum products on a daily basis. It is also leveraging previously established contractual arrangements and price hedges, which cover a significant portion of imports, thus mitigating the impact of global price increases. Furthermore, coordination is underway with international partners in the energy sector to ensure a steady supply and boost domestic production rates during this period.
Coordination is also underway between the government and the Central Bank to enhance foreign currency resources, through communication with international financial institutions to expedite some of the scheduled financing tranches, in addition to moving in international markets and expanding the government offerings program during the coming months, and attracting foreign direct investments, which supports the ability of the Egyptian economy to deal with current global changes, while supporting exports of goods and services, and ensuring the competitiveness of industry and exports.