Egypt is considering adjusting the price of subsidized bread to better reflect the soaring cost of production, Prime Minister Mostafa Madbouly announced on Monday. “There must be a move to make the selling price of bread commensurate with the tremendous increase in cost,” he said. Finance Minister Mohamed Maait revealed in March that Egypt has allocated over EGP 125bn to subsidize bread in the 2024-2025 budget. Officials promised to resolve the issue by increasing gas pressure and ensuring the availability of petroleum materials for electricity networks. The minister also highlighted the financial strain on the petroleum sector, which provides fuel supplies worth $55bn annually at actual costs of $20-22bn.

Source: Daily News Egypt May 27, 2024 18:04 UTC