Gov’t reviews state’s proactive measures over Ukrainian-Russian crisis

CAIRO – The cabinet media centre underlined that the state has taken proactive measures to confront the repercussions of the Russian-Ukrainian crisis which has cast its shadow on international economy.

In a report on the state efforts, the center said the state has launched a package of financial incentives to encourage improving performance of various sectors and shoring up investments, thus contributing to promoting the national economy’s infrastructure.

The state has also provided all needed support for Egyptians in Ukraine until their return home and offered facilitations for students to continue their study in Egypt.

Under presidential directives, the state proceeded with the implementation of the strategic wheat silos project which has helped to increase wheat storage capacity, the report said.

It added that wheat reserves are at the safe level, noting that LE36 billion was allocated for purchasing 6 million tonnes of wheat.

The report also referred to a cabinet decision to grant local wheat farmers an additional incentive of LE65 per ardeb for the delivery of their harvest to the state-owned silos.

Under the presidential directives, the government fixed the prices of unsubsidised bread.

Under the decision, the prices of the 45-gramme baladi bread loaf will be LE50 piasters, the 65-gramme loaf LE75 piasters and the 90-gramme loaf one pound.

The 40-gramme French bread loaf will be sold at LE50 piasters, the 60-gramme loaf at LE75 piasters and the 80-gramme loaf at one pound.

Violators of this decision could face a fine of LE100,000 minimum and LE5 million maximum, the report said, noting that this measure was lauded by the Associated Press.

The report added that rice and pasta stockpiles are sufficient by 100 per cent for 6.5 months and five months respectively, while edible oil is sufficient by 30 per cent for five months.

The report said the state took measures to secure commodities at low price for citizens, including the launch of Ahlan Ramadan fair.

The Central Bank of Egypt (CBE) has also decided to increase the interest rate by 1 per cent.

The CBE’s Monetary Policy Committee (MPC) decided to up deposit and loan return prices for one night.

The National Bank of Egypt and Banque Misr have also launched one-year saving certificates with an 18 per cent annual yield, the report said, noting that these certificates have so far collected about LE200 billion.