CAIRO – 3 January 2024: Prime Minister Mostafa Madbouli stated that the Egyptian state needs to utilize this year and part of 2025 to overcome the current economic crisis and return to the economic levels of 2021. Madbouli stated that the state has managed to significantly contain the surging inflation by increasing subsidies, thereby reducing the burden on the people. Madbouli emphasized that the main concern of the Central Bank of Egypt (CBE) is combating inflation and reducing its rates. On Tuesday, the Ministry of Electricity and Renewable Energy announced a 16-26 percent increase in electricity prices, effective from January 2024. Furthermore, Madbouli highlighted the growing burden of bread subsidies due to unchanged bread prices.

Source: Egypt Today January 03, 2024 18:38 UTC