Egyptian Prime Minister Mostafa Madbouly raised the price of a loaf of subsidized bread by 300 percent to 20 piasters as of the first of next June.
Madbouly explained that the price of subsidized bread has not been moved for more than 30 years, as the price of bread during that period has multiplied several times. He pointed out that the cost of a loaf of bread on the state is 1.25 pounds, while it sells it for 5 piasters. He pointed out that the value of annual subsidies for bread in Egypt is 120 billion pounds, and the daily production reaches 100 billion loaves.
Madbouly explained that the government aims to develop a vision to convert subsidies into cash before the end of the year to develop a plan and start implementing it starting from the budget for the fiscal year 2025-2026.
Source (Al-Arabiya.net Website, Edited)
