Economic Update: Government Initiatives
Egypt’s Prime Minister, Mustafa Madbouly, has announced that a new social protection initiative is currently under preparation and is expected to be unveiled prior to Ramadan. This initiative aims to provide essential aid and interventions for the upcoming three months.
During a press conference, Prime Minister Madbouly elaborated that the package will include provisions related to salaries and wages, which are set to be implemented at the commencement of the new fiscal year in July. This development comes in light of ongoing economic adjustments within the country.
The Prime Minister also highlighted a consistent decline in inflation rates, with expectations for further reductions in February. He emphasized that Egypt’s strategic reserves of essential goods are robust, sufficient to meet demand for a six-month period.
In a related discussion, the Prime Minister noted that executives from the Italian energy company Eni have confirmed plans to expand operations in a gas field located in the eastern Mediterranean over the next two years. This expansion is anticipated to yield new discoveries and enhance production capacity.
This announcement aligns with a statement from January by Egypt’s Ministry of Petroleum, which indicated that a vessel had arrived in Egyptian waters to further develop the gas field and boost production levels. In the first half of last year, the average output from this gas field was recorded at 1.9 billion cubic feet per day, significantly lower than the peak production levels seen in 2019.
| Indicator | Data |
|---|---|
| Average Production (First Half 2022) | 1.9 billion cubic feet per day |
| Peak Production (2019) | [Peak Production Data] |
| Strategic Reserve Duration | 6 months |
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