Egypt signs hedging contracts against oil price increase
Updated 9/1/2024 7:39:00 AM
Arab Finance: Egypt has sealed hedging contracts for a substantial volume of imported petroleum products, Prime Minister Moustafa Madbouly said in a press conference.
These contracts aim to secure a portion of its needs of imported petroleum products in case of price increase amid the ongoing geopolitical tensions in the region, Madbouly clarified.
In the same vein, Madbouly noted that the strategic reserves of essential commodities, including sugar, wheat, and cooking oil, are sufficient for over six months.
The transition from in-kind to cash support is anticipated to be implemented in the coming fiscal year if there is consensus in the national dialogue, Madbouly noted, adding that it would be executed in stages.
Furthermore, the government has earmarked additional incentives for tourism developers during the current and coming years to accelerate the addition of new hotel rooms, Madbouly pointed out.
He added that the government seeks to offer a wide range of sites to lure tourism investors, with the aim of establishing over 200,000 new rooms within the next five years.
Moreover, he highlighted that the government has given nearly EGP 10 billion to the Unified Procurement Authority (UPA) to pay off dues to pharmaceutical and medical supplies firms over the past two months.
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