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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