PM: Egypt’s strategic commodity reserves remain at safe levels
Prime Minister Moustafa Madbouli chaired the weekly Cabinet meeting on Thursday in New Alamein, which discussed regional tensions and their economic impact while confirming that Egypt’s strategic reserves of essential commodities remain at safe levels, with supplies of some goods sufficient for up to a year.
Madbouli noted the volatility in global markets caused by conflicts in Gaza and Lebanon and heightened US-Iran tensions, which have affected oil prices and supply chains.
He stressed that President Abdel Fattah El-Sisi is closely monitoring developments and reaffirmed Egypt’s commitment to resolving disputes peacefully.
On the economic front, Madbouli said foreign currency reserves rose to $56.3 billion at the end of July, up from $55.1 billion in June, reflecting stronger external balances. He also highlighted three co-operation protocols signed in New Alamein aimed at boosting tourism, urban development and smart transport systems.
The Prime Minister welcomed Fitch Ratings’ praise for Egypt’s adoption of the National Drug Policy, describing it as a structural advance for the pharmaceutical sector that would strengthen supply security, improve regulatory standards and support industrial expansion.
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