Egypt to expand Strategic Stockpiles, tighten spending amid regional uncertainty – PM

Egypt will expand its strategic stockpiles of key commodities and tighten fiscal discipline amid rising regional tensions and global uncertainty, Prime Minister Moustafa Madbouly said on Wednesday.

Speaking during the weekly Cabinet meeting in the New Capital, Madbouly said the regional environment remains volatile, marked by continued diplomatic efforts to reduce tensions alongside the risk of further escalation. He warned that any deterioration could have “severe economic and political consequences” for the region and global markets.

He said Egypt continues to support diplomatic de-escalation efforts and is closely monitoring developments, expressing hope for a return to stability in the near term.

Madbouly said President Abdel Fattah El-Sisi has instructed the government to ensure sufficient supplies of strategic goods for extended periods, given ongoing regional and international uncertainty.

He added that the president has also called for intensified efforts to contain inflation, while maintaining higher levels of public spending on health, education, and social protection. Sisi further stressed the importance of strict market oversight and ensuring the steady availability of essential food supplies.

Madbouly said these directives require coordinated action across ministries and regulatory bodies to stabilise markets and secure the availability of key commodities.

He also instructed ministries to adhere to austerity and spending rationalisation measures while maintaining adequate reserves of essential goods and petroleum products.

Attribution: Amwal Al Ghad English