Cabinet, CBE Follow Up on Basic Commodities Financing amid Ukrainian Crisis

PM Mostafa Madbouly held a meeting on Sunday follow up efforts to provide basic commodities, and the necessary funding for them, in light of the developments of the Russian-Ukrainian crisis and its impact on the movement of commodities globally.

The meeting was attended by Tarek Amer, Governor of the Central Bank (CBE), Mohamed Maait, Minister of Finance, Nevin Gamea, Minister of Trade and Industry.

Nader Saad, the official spokesman for the Cabinet stated that the developments of the Russian-Ukrainian crisis and the resulting noticeable development in the prices of basic commodities are being followed up on a regular basis.

In this regard, the Prime Minister clarified that he is monitoring with officials in the Central Bank and the Ministries of Supply and Finance the situation of the availability of basic commodities, and the stability of markets.

Saad added, “There is a continuous follow-up to the movement of commodity prices globally, as the situation is evaluated around the clock by officials to find out the financing needs necessary to provide an adequate reserve of these commodities during the coming period.”

He pointed out that the prices of various commodities are also monitored in the local markets, and the state is keen on the availability of various commodities for the Egyptian citizen, despite the global challenges due to the current crisis, and the blurring of vision it imposes.

Saad explained that the meeting also witnessed a discussion of mechanisms to push the national industry to work to increase production for local needs, as well as to increase exports, which has achieved high rates in the past period.