Egyptian Minister of Supply and Internal Trade, Dr. Sherif Farouk, recently chaired a meeting to review the executive status of the initiative to reduce prices of basic goods. The goal is to prepare for the upcoming Ramadan, approximately 100 days away, by ensuring the availability of goods at discounted prices. The meeting assessed the implementation rates of the initiative, the commitment to announced discounts, and the availability of goods in the market.
The initiative's discounts range from 15% to 25% compared to external market prices. The meeting reviewed the availability of goods, the quantities offered, and the stock levels, as well as the supply and distribution rates. The plan to expand participating outlets was also discussed, with a decision to increase the number from 284 to 400 outlets nationwide. This expansion includes adding 116 new outlets, with suitable locations currently being identified.
To ensure the continuation of the initiative, Dr. Farouk instructed the General Authority for Supply Commodities to provide the necessary financial funding for the Holding Company for Food Industries. This funding aims to secure a sufficient stock of goods and guarantee the initiative's continuation for six months until March 2027, covering Ramadan. The minister also directed the monitoring of consumption rates and the enhancement of quantities of goods that are in high demand.
The meeting also touched upon expanding the list of goods included in the initiative, which currently comprises 30 items. The plan is to add new items that meet citizens' needs during Ramadan, to be introduced before the holy month. Furthermore, discussions included linking "Ramadan Greetings" exhibitions and displays with the initiative and coordinating early preparations for their establishment in all governorates.
These exhibitions aim to provide Ramadan products at reasonable prices and enhance the spread of discounts through initiative outlets, exhibitions, and displays. Dr. Farouk emphasized the continuation of daily monitoring of goods' availability, their regular supply to outlets, and adherence to announced discount rates. He stressed the importance of coordination between the ministry, the Holding Company for Food Industries, and relevant authorities.
The minister highlighted that early preparation, expansion of outlets, securing funding and stock, adding Ramadan goods, and linking exhibitions to the initiative are all geared towards meeting citizens' needs and enhancing market stability in the coming period. The initiative seeks to provide essential goods at discounted prices, especially during significant events like Ramadan.
By increasing the number of outlets and securing sufficient stocks of goods, the Egyptian government aims to make essential goods more accessible to citizens at affordable prices. The expansion and preparations for Ramadan reflect the government's efforts to stabilize the market and meet the population's needs during periods of high demand.
Key points
- The initiative to reduce prices of essential goods in Egypt has been expanded to 400 outlets nationwide.
- The Egyptian government aims to ensure the availability of goods at discounted prices, especially during Ramadan.
- The initiative includes a range of discounts from 15% to 25% on essential goods.
