Prime Minister Mostafa Madbouli said the Egyptian State is taking several measures to deal with the unprecedented crises facing developed and developing countries, which he said are both suffering from the energy challenge and that of consumption rationalization.
In a press conference on Tuesday 9/8/2022, Madbouli added that the State will launch a package of exceptional social measures in late August or early September; in accordance with relevant directives from President Abdel Fattah El Sisi to ease the burden on Egyptian citizens.
Measures have been taken to relieve pressure on hard currency resources as a result of the doubling of imported commodity prices, especially petroleum products and basic commodities such as wheat and corn, the prime minister noted.
He added that the State has worked according to a clear plan to increase exports, promote local components and support the tourism sector.
rime Minister Mostafa Madbouli said the Egyptian State is working to increase its hard currency resources, reduce the import bill through relevant recent measures, and benefit from available natural resources such as natural gas, which, he noted, can secure hard currency.
The strategic vision that President Abdel Fattah El Sisi directed the government to adopt nearly four years ago was meant to expand investments in the production and generation of natural gas, most significantly through the Zohr gas field, he added.
Prior to the Zohr field operation, Egypt was importing natural gas to meet its demand, the prime minister said, praising in this regard Sisi’s keenness to operate the project as early as possible.
Madbouli said the government took a decision in October 2021 to supply power plants with mazut instead of natural gas to be used in generating electricity; through cooperation between the Electricity Ministry and the Petroleum Ministry.
This has secured a natural gas surplus of $100-150 million per month, he added.
Source: State Information Service Egypt