Diesel and butane subsidies are here to stay for the time being, with the government committed to maintaining price stability for the hydrocarbons, cabinet spokesperson Mohamed El Homsani told Ahmed Moussa in a phone-in on the wildly popular Ala Masouleety (watch, runtime: 21:52). Although global oil prices have recently fallen, Egypt’s long-term contracts mean any benefit from lower prices will take time to materialize.

And with summer approaching, there’s no need to worry about blackouts returning. El Homsani reiterated earlier commitments that the government is working to avoid electricity load-shedding during the upcoming summer, despite the added cost of securing sufficient fuel supplies for power plants.

The EGP would’ve had much tougher time if it wasn’t for the flexible exchange rate, which has demonstrated itself as a key part in easing capital outflows and stabilizing the EGP, El Homsani argued.

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