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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Egypt's Minister of Foreign Affairs Badr Abdelatty announced Egypt's readiness to host Mozambican President Daniel Chapo later this year to initiate a new phase of bilateral development partnership. Speaking at a joint press conference with Mozambican Foreign Minister Maria Manuela Lucas, Abdelatty highlighted plans to expedite the third session of the Joint High Commission and finalize pending memorandums of understanding. He emphasized Egypt's commitment to sharing expertise in infrastructure, housing, roads, agriculture, and water management with Mozambique. Abdelatty also announced an upcoming Egyptian medical mission and a strategic $300 million project to establish a pharmaceutical logistics and manufacturing hub in Mozambique to supply Southern Africa. On security, Egypt pledged support for Mozambique's counterterrorism efforts, including military and security coordination. Egyptian religious institutions will expand scholarships and training for Mozambican imams to counter extremist ideology. The ministers agreed on resolving conflicts through peaceful diplomacy. Abdelatty also informed Lucas about Cairo's preparations to host the African Union Mid-Year Coordination Meeting and an African Business Forum in New Alamein on October 4.
Must ReadEgypt has strongly condemned what it described as a "heinous Iranian attack" on a power generation and water desalination plant in Kuwait. In a statement issued on Sunday, July 19, 2026, by the Ministry of Foreign Affairs, International Cooperation and Egyptian Expatriates, Egypt characterized the incident as a direct attack on a vital civilian facility, a flagrant violation of Kuwait's sovereignty, and a dangerous escalation that threatens the security and stability of the Gulf region, further heightening regional tensions. Egypt affirmed its full solidarity with Kuwait and expressed support for all measures taken to preserve its security, stability, and vital facilities. The statement renewed Egypt's categorical rejection of attacks on civilian facilities and vital infrastructure, emphasizing that such actions pose a direct threat to civilian security and regional stability. Egypt called for the immediate cessation of all escalatory actions and for prioritizing diplomatic solutions to preserve regional security and stability and spare its peoples further tension and escalation.
The Supreme Council of Al-Azhar, Egypt's highest Sunni institution led by Grand Imam Ahmed Al-Tayeb, has approved the creation of Al-Azhar Institute for Arabic Calligraphy and Ornamentation. This institute will function under the specialized education system of the Al-Azhar Institutes Sector. The initiative is part of Al-Azhar's strategy to train specialists in Arabic calligraphy and Islamic ornamentation, combining academic study with practical training. It also aims to revive this Arab art, preserve cultural heritage, and instill aesthetic values in younger generations. The institute's academic program will be three years long, leading to an intermediate technical qualification in Arabic calligraphy and ornamentation. Exceptional students can pursue an additional two years of study to earn a specialized certificate equivalent to a post-secondary qualification. Admission requires an Al-Azhar preparatory certificate or equivalent, along with passing written and oral entrance exams and a personal interview.