Egypt unveils initiative to slash prices of essential goods by 15-20%

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Egypt - In a bid to combat rising inflation and ease the burden on citizens, Egyptian Prime Minister Mostafa Madbouly announced a new initiative on Monday that aims to bring down the prices of essential goods by 15-20% within the coming days.

The initiative follows a meeting between the Prime Minister and representatives from the private sector, including manufacturers, suppliers, and retailers. During the discussions, Madbouly stressed the importance of collaboration between the government and private businesses to ensure the initiative’s benefits reach consumers directly.

A wide range of essential goods, including food items, beverages, and household necessities, will be included in the price reduction plan. These goods are expected to see a price drop of 15-20% within 48 hours, with further reductions of up to 30% anticipated after the upcoming Eid al-Fitr holiday.

To address potential supply chain concerns, the government has also taken steps to guarantee sufficient stock in the market. Prime Minister Madbouly announced the release of $4.5 billion worth of goods previously held up at ports due to foreign currency shortages by the Central Bank of Egypt.

Additionally, the government is working to alleviate production costs for businesses by offering subsidies on energy and raw materials.

This initiative is projected to significantly improve the lives of millions of Egyptians. The Prime Minister emphasized the government’s commitment to protecting consumer interests and ensuring access to affordable essential goods.