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Egypt to increase prices of bread, electricity and petroleum products

He pointed out that the subsidy bill next year will increase to LE 636 billion, an increase of 20 percent over the current year.
29.05.24 | Source: Egypt Independent

Egyptian Prime Minister Mostafa Madbouly held a press conference on Monday, on the sidelines of his tour to inspect agricultural, industrial and technological projects in Beheira and Alexandria governorates.

Madbouly said that reducing the US dollar gap is Egypt’s “chronic disease,” explaining: “Our import bill is always greater than our exports, our resources are less than our consumption of hard currency, and as a result we are always exposed every once in a while to a crisis, an economic crisis, and measures are taken to liberalize the exchange rate.”

Without achieving balance regarding the country’s resources of hard currency and consumption, the Prime Minister warned this challenge will continue to exist.