The Presidency
Today, President Abdel Fattah El-Sisi met with Prime Minister, Dr. Mostafa Madbouly; Minister of Supply and Internal Trade, Dr. Sherif Farouk; Head of the Armed Forces Financial Affairs Authority, Lieutenant General Ahmed El-Shazly; and Executive Director of the “Future of Egypt” Authority for Sustainable Development, Colonel Dr. Bahaa El-Ghannam.
Spokesman for the Presidency, Ambassador Mohamed El-Shennawy, said the meeting reviewed the status of the strategic stockpile of goods and food supplies, in coordination with the “Future of Egypt” Authority for Sustainable Development. The discussion focused on the importance of securing safe reserves of various commodities, in parallel with continued efforts to increase reserves, particularly for strategic goods.
The meeting also touched on progress in coordination efforts among the relevant entities to ensure the availability of essential goods at affordable prices, provide products at discounted prices, and regulate markets to support citizens, especially with the approach of the blessed month of Ramadan.
President El-Sisi affirmed the significance of persistent efforts to alleviate the burden on citizens, ensure the sufficiency of reserves of various goods, and provide them at discounted prices. The President gave directives to continue the implementation of presidential initiatives to support the most vulnerable groups, in order to ensure the fulfilment of the citizens’ needs, particularly during Ramadan.
President El-Sisi also emphasized the need to maintain the ongoing cooperation with the private sector to provide high-quality products at appropriate prices.
Additionally, the meeting discussed expanding social protection networks and reviewed efforts to reform and restructure the subsidy system, by adding all eligible beneficiaries and excluding ineligible ones. Including beneficiaries from the “Takaful and Karama” program and families of martyrs into this system was also stressed during the meeting.
President El-Sisi stressed the importance of governing the subsidy system’s procedures by adopting the best possible methods and mechanisms to ensure that subsidies reach their rightful beneficiaries and by targeting the most in-need groups.
The discussion also addressed mechanisms to activate the commodities exchange and its pivotal role in achieving food security and enhancing the sustainability of providing essential goods at affordable prices.
This is of particular importance since it is a strategic step to break down intermediaries and reduce monopolies, while strengthening the unified purchasing mechanism to regulate prices and balance the market. President El-Sisi affirmed the importance of turning Egypt into a regional logistics hub for the trade of strategic goods, which would strengthen its economic position on both the regional and international levels.
The Minister of Supply and Internal Trade showcased the situation regarding the strategic reserve of basic goods, confirming that it is sufficient for six months. President El-Sisi directed to ensure achieving sustainable food security, increase the strategic reserves of goods, and strengthen market monitoring to prevent the monopoly of essential goods.
The President also called for the development of integrated policies to improve production efficiency, reduce waste, and enhance the supply chains, thus ensuring that food reaches citizens in a fair and sustainable manner and providing opportunities for the private sector to contribute to achieving price stability and improving food quality.
