Reported 5 months ago
Egypt's Prime Minister Mostafa Madbouly stated that Egypt needs to raise the price of subsidized bread to reflect its true cost to the government. Madbouly also mentioned that the government will pay 20%-25% of arrears to foreign oil companies soon, with the rest to be paid gradually. Despite efforts to reduce costs, Egyptian officials have been hesitant to raise the price of subsidized bread, which is crucial for the majority of the 105 million population under a commodities ration program. The state produces 100 billion loaves of subsidized bread annually, costing around 110 billion-115 billion Egyptian pounds, yet the government only gains 5 billion pounds from its sale.
Source: YAHOO