Egyptian govt. to increase strategic staples stockpiles to 20%

The Egyptian government is studying to increase strategic stocks of essential goods to 20 per cent in order for the government to have the flexibility to interfere in case of high demand.

The Prime Minster underlined that the state does not work against the private sector, but there must be interventions to regulate the markets, especially during times of crisis.

He further explained that there is a directive for a number of government entities to take responsibility for providing a strategic stockpile of essential goods, as per a Cabinet statement.

Moroever, Madbouly requested from the ministers and relevant officials to identify the actual needs required of strategic commodities, as a preliminary step to initiate import procedures and provide them in the markets, contributing to achieving price stability.

The PM also urged the development of an executive plan to respond in case of any crisis, enhancing the state’s capacity to intervene and achieve the desired balance in the markets.