Egypt's Prime Minister Madbouly outlines national strategy to mitigate Iran war's economic impact
via Egypt Today4 min read
Prime Minister Mostafa Madbouly addressed Egypt's House of Representatives, detailing the government's proactive measures to counter the global economic pressures stemming from the Iran war. He highlighted the war's extensive impact on energy supplies, supply chains, inflation, prices, transport, trade, industry, and tourism, noting a historic shock to global oil supplies following attacks on energy infrastructure and disruptions in the Strait of Hormuz. Oil prices surged from $69 to $120 per barrel before settling at $95, with warnings of further increases if the situation worsens. The tourism sector faces regional losses estimated at $600 million daily, and the FAO food price index rose by 2.4 percent, indicating severe food supply chain disruptions. Domestically, Egypt implemented a five-pillar plan: real-time monitoring, careful analysis, presenting alternatives, decisive action, and assessing public impact. A crisis committee was formed to secure energy and maintain market stability, alongside a Foreign Ministry task force and a 24-hour hotline for Egyptians abroad. Strategic reserves of food and medicine were secured for several months. The government coordinated with the Central Bank to provide foreign currency for essential goods, supported by exchange rate flexibility and inflation-targeting policies. A LE 40 billion cash support package was distributed to 15 million families, and public sector wages increased by 21 percent, raising the minimum wage to LE 8,000 at a
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Al Ahly has announced the departure of coach Jess Thorup by mutual consent, following a season that saw the Egyptian club finish below expectations. Thorup, 56, who was appointed in October on a two-and-a-half-year deal, signed a settlement agreement after receiving his full contractual dues. While he led Al Ahly to the Egyptian Super Cup title with a 2-0 victory over Zamalek, the team's performance declined in the latter part of the campaign. Al Ahly concluded the league in third place, missing out on qualification for next season’s African Champions League and instead securing a spot in the Confederation Cup. The club was also eliminated in the quarter-finals of the continent's premier club competition.
Maria Zakharova, spokesperson for the Russian Foreign Ministry, commended Egypt's diplomatic efforts and its significant regional role, particularly in securing a ceasefire in Gaza. Speaking at the St. Petersburg International Economic Forum SPIEF 2026, Zakharova highlighted Egypt's strength and influence in the Middle East. She affirmed Russia's openness to global cooperation, emphasizing the importance of the Arab region and the shared, long-standing special relationship between Moscow and Cairo. Zakharova noted that Egypt's policies align with the will of its people, fostering strong opportunities for international cooperation, an approach similar to Russia's.
Must ReadU.S. President Donald Trump stated that significant progress has been made in negotiations with Iran, with the primary goal being to prevent Tehran from acquiring nuclear weapons. A key provision of any future agreement would be the immediate reopening of the Strait of Hormuz to maritime traffic, which Trump described as crucial for regional stability. He expressed confidence that the U.S. will achieve its objectives with Iran, through negotiations or other methods. Trump also mentioned that he had previously rejected the option of deploying special forces to seize Iranian nuclear materials to avoid past U.S. administration scenarios. While not currently seeking a meeting with Iran’s Supreme Leader, Trump did not rule out such a meeting if a final agreement is reached.
Egypt's Minister of Foreign Affairs, International Cooperation, and Egyptians Abroad, Badr Abdelatty, met with members of Japan’s House of Representatives and House of Councillors, including the Egypt-Japan Parliamentary Friendship Association, during his visit to Tokyo. Minister Abdelatty highlighted the rapid development of Egyptian-Japanese relations since their elevation to a strategic partnership in 2023, noting increased high-level visits and cooperation. He emphasized the importance of parliamentary cooperation and expressed hope for reciprocal parliamentary visits, inviting the association to visit Egypt. Abdelatty also acknowledged Japan’s support for major development projects in Egypt, such as the Grand Egyptian Museum, the Egyptian-Japanese partnership in education, and the Cairo Metro Line 4 project. He reviewed economic reforms in Egypt, stressing the enhanced competitiveness of the national economy and encouraging Japanese companies to invest in promising opportunities, particularly in the Suez Canal Economic Zone. The meeting also included discussions on regional developments in the Middle East, including the Gaza Strip, Iran, Syria, Yemen, Lebanon, and Egypt’s water security. Kuniko Inoguchi, a member of the Japan-Egypt Parliamentary Association, conveyed remarks on behalf of former Japanese Prime Minister Taro Aso, praising the historical ties and strategic partnership between the two nations and affirming the association's commitment to strengthening bilate