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Citizens’ monthly purchasing power to reach EGP500m: Supply Minister - Daily News Egypt

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Citizens’ monthly purchasing power to reach EGP500m: Supply Minister

All products will be offered at a 25% discount

Following the development of subsidised commodities’ grocery stores, the monthly purchasing power of citizens who frequent them is expected to reach EGP 500m, Minister of Supply Khaled Hanafy said Thusday. All products will be offered at 25% discount.

The minister announcements came during two separate meetings with Hassan Kamel, chairman of the Food Industries Holding Company (FIHC), and the heads of consumer complexes and wholesale producers.

There are around 25,000 grocery stores that offer subsidised commodities, the minister said.

Earlier this month, the minister announced that citizens registered on ration cards will receive 150 loaves of bread per month at the price of 5 piastres per loaf under a new Ministry of Supply plan. Hanafy said the new plan “preserves the humanity and dignity” of citizens while maintaining the profits of the bakeries’ owners and the values of subsidised bread.

For each citizen, the 150 loaves of breads will be counted as points, Hanafy said. Those who reduce their bread consumption, and, therefore, save their points, will receive free commodities.  The free commodities will vary from dairy products to sugar, tea, and oils.

The Ministry of Supply has recently taken over the responsibility of supervising the FIHC from the Ministry of Investment. The supply ministry announced in an official statement that the takeover will help face the rising prices.

Last month the supply minister dubbed the bread distribution system in Egypt a “failure”, saying it has wasted between 20% and 25% of the state’s bread subsidies budget, which amounts to some EGP 22bn a year.

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