He noted that this will positively contribute to maintaining comfortable strategic reserves of essential commodities as well as petroleum products.
Prime Minister Mostafa Madbouly stated that there is ongoing coordination between the government and the Central Bank of Egypt to secure the financing needed to support development efforts and ensure the continued availability of sufficient foreign currency resources.
He noted that this will positively contribute to maintaining comfortable strategic reserves of essential commodities as well as petroleum products.
During the cabinet meeting, Madbouly added that the government remains committed to improving the investment environment and continuing efforts to create an attractive climate for both local and foreign investors, which will help attract additional investment inflows.
He also highlighted presidential directives instructing the government to increase strategic reserves of various essential commodities and petroleum products, while maintaining a consistently safe stock of medicines to ensure adequate supply for domestic needs over an appropriate period.
The Prime Minister further emphasized the importance of expanding reliance on solar energy by completing renewable energy projects, in line with Egypt’s strategy to diversify energy sources, reduce dependence on fossil fuels, and transition toward a sustainable energy mix that supports the objectives of the national energy strategy.
Madbouly stressed that directives have been issued to the Ministry of Electricity and Renewable Energy to intensify oversight and enforcement efforts against electricity theft, while continuing the rollout of smart meter installations nationwide.
He also noted that the Ministry of Supply and Internal Trade has been tasked with accelerating the digitalization of the commodity distribution system, enabling authorities to track the movement of goods across supply chains in order to curb monopolistic practices and price distortions.
Addressing recommendations from the Central Crisis Committee, the Prime Minister said the government will activate measures to postpone or slow the implementation of several national projects, particularly those with high diesel consumption, for a period of three months. The plan also includes reducing fuel allocations for government vehicles by 30 percent to conserve financial resources and fuel for urgent needs.
In addition, the government will implement remote work on Sundays across the Government District and all affiliated government entities and buildings, with ministers instructed to ensure strict implementation and continuous monitoring of public spending rationalization measures.
Finally, Madbouly explained that the government aims to expand the establishment of investment zones across governorates, recognizing the importance of interregional trade.
The government will continue providing comprehensive support to investors in these zones and beyond, while addressing challenges facing industrial expansion, strengthening the local market, increasing the availability of goods, and ultimately helping stabilize prices.
