Arabs News

Bread rose in Egypt for the first time in 30 years

The hashtag “Fortified Bread” is trending on the “X” platform in Egypt and several Arab countries.
The Egyptian government decided to raise the price of a loaf of subsidized bread to 20 piasters, starting from the beginning of next June.
Madbouly explained, “The price of subsidized bread has not been moved for 30 years, and we discussed in the Council of Ministers today an attempt to reduce subsidies slightly.”
He added that support will remain available to support low-income groups.
He had previously said that the loaf of bread would remain subsidized, but its price must be moved in proportion to the “terrible” increase in prices, indicating that a study is being conducted on how to govern the subsidy and develop the best scenario by the end of 2024.
He also added that the support bill for the next fiscal year amounts to 636 billion pounds, an increase of 20% over the current fiscal year.
Pay off debts
Egypt’s consumption of petroleum products during the year reaches 55 billion dollars, and more than 60% of the natural gas produced by Egypt goes to electricity consumption, according to Madbouly.
According to the Egyptian Prime Minister, the monthly bill for fuel supplied to power stations amounts to 15 billion pounds, while the Ministry of Electricity pays only 4 billion pounds.
The cost of producing a kilowatt-hour of electricity is about 223 piasters.

قيم هذا المقال | Rate this post

Related Articles

Leave a Reply

Back to top button