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Egyptian government: no intentions at present to shift bread and electricity prices and social protection won’t stop

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Egyptian government spokesman Nader Saad confirmed that social protection will not end and that the government does not intend to change the price of bread, just as the price of electricity will not change until July next year.

And through a call to the Sada al-Balad channel, Saad spoke about the details of the government meeting and explained that the price of a loaf of bread will not change in the current period, and stressed that the state supports the loaf. , by increasing subsidies to £90bn in the new budget instead of £38bn.

He added: “The state is not thinking about moving the price of a loaf of bread and until July 1 next year there will be no movement in electricity prices, and if there is a movement, it will be a small or reportedly 3-fold increase.” .

He pointed out that “the Prime Minister’s talk about social protection is aimed at reassuring everyone.” dollars were siphoned off from foreign investors.

With regard to the offer price of wheat, he emphasized that whenever the state manages to purchase the largest amount of wheat from a farmer, it will reflect on the farmer, and that an increase in the offer price of wheat is a signal of support from the state to the Egyptian farmer.

The spokesman noted that the state is supporting the industrial and agricultural sectors through a $150 billion initiative to be implemented over the next 5 years, decreasing by 20 percent annually to support industry and agriculture, explaining that the initiative aims to to allow small merchants to obtain loans and solve any problems they have, in order to expand opportunities for work and export at a reasonable interest rate, 11 percent is paid, and the state pays the difference.

Saad said: “Today the Prime Minister delivered many positive messages at all levels, chief among which is the directive to raise the price of groats to 1,250 pounds.”

According to a government spokesman, “Egypt has managed to achieve the highest rate of merchandise exports worth $35.6 billion, and the country’s oil exports in 2022 increased significantly by 40 percent compared to 2021.

Source: The Seventh Day

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