Egypt's government will gradually increase fuel prices over the next 18 months, Prime Minister Moustafa Madbouly said on Wednesday. The decision is part of a broader economic plan to address outstanding debts to foreign partners. During a press conference, Prime Minister Madbouly also provided updates on other pressing issues during a press conference. Egypt has made significant progress in reducing its external debt, aided by a recent decline in electricity consumption despite record-breaking temperatures. However, the extreme heat has caused technical issues with some transformers. The prime minister emphasised the government's commitment to transparency, urging ministers to provide detailed monthly reports on their progress. He also dismissed rumours about delaying negotiations with the International Monetary Fund (IMF) as attempts to undermine Egypt's economy. To mitigate the impact of potential global supply chain disruptions, the government is prioritising pharmaceutical security and boosting local drug production. Attribution: Press Conference
