Egypt to cut food commodity prices by 15-25%

Egypt agreed with producers and retailers to reduce prices of a number of food commodities by 15 to 25 percent for six months starting Saturday.

The decision came during a meeting held by Egyptian Prime Minister Moustafa Madbouly on Monday.

The reduced food commodities will include beans, dairy products, white cheese, mixed oil, pasta, sugar, lentils, poultry products, eggs, and rice.

Madbouly also said that the government will spare manufacturers and retailers from custom duties on the aforementioned commodities for the same period of six months.

The government will also accelerate customs clearance procedures at ports, the Egyptian Minister of Finance said.

According to the Minister of Supply and Internal Trade, Egypt also agreed with local banks to provide food manufacturers with the needed foreign component.

It also agreed with retail chains to not have a share in the profits garnered from these products.