Prime Minister Moustafa Madbouli said the state is moving at all levels to confront the current international crisis.

He said the state seeks to secure all commodities in markets at suitable prices, adding that the state sought to contain the oil price hikes and bear most of the cost so that people would not be largely affected.

During the cabinet meeting on Wednesday, he tasked an ad-hoc economic ministerial group to work on laying down a plan for recovery in order to get out of the international crisis fallout through a package of foreign and local investment incentives.

This comes in line with directives of President Abdel Fattah El Sisi to proceed with efforts in this respect.

He added that a “state ownership policy document” will be declared after Eidul Fitr to be a national strategy for expanding partnership with the private sector.

The document is a key step within the framework of boosting private sector participation in the economy.

The document will be encouraging for local investors and contribute to promoting confidence of international institutions in line with government reforms adopted by the Egyptian state.

The premier directed to hold continued communication between the ministers and parliament officials as well as various media means to highlight the challenges being confronted on the back of the coronavirus pandemic and the Russian-Ukrainian crisis which caused unprecedented price hikes.

He said the state is exerting painstaking efforts to assuage the impact of consecutive crises on the Egyptian citizens.

Source: State Information Service Egypt