Egypt takes measures for strategic reserve of essential goods to regulate markets: PM

Prime Minister Mostafa Madbouly stated that the government has begun procedures to provide a strategic stock of essential goods to regulate markets, according to a statement issued, Sunday, by the Cabinet.

"Amidst the rise in prices of several goods, despite the recent economic measures taken by the state, which have contributed to the availability of dollars in the banking system, thus alleviating the burden of managing it from the shoulders of traders in the parallel market,” the Prime Minister said.

He added that there is a directive for several state entities to take responsibility for providing a strategic stock of essential goods, affirming that the state is not working against the private sector. However, interventions must be made to regulate markets, especially during crises.

Madbouly requested ministers and relevant officials to identify the actual needs required of strategic goods, paving the way to begin procedures for their importation and availability in markets, contributing to achieving price stability.

The Prime Minister directed the study of increasing the strategic reserve of essential goods by about 20 percent, with an executive plan to act in the event of any crisis to enhance the state's ability to intervene and achieve the desired balance in markets.