{"id":640755,"date":"2024-09-01T00:00:00","date_gmt":"2024-09-01T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/09\/01\/commodities-tourism-incentives-and-subsidies-were-the-main-talking-points-in-madboulys-weekly-presser\/"},"modified":"2024-09-01T00:00:00","modified_gmt":"2024-09-01T00:00:00","slug":"commodities-tourism-incentives-and-subsidies-were-the-main-talking-points-in-madboulys-weekly-presser","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/09\/01\/commodities-tourism-incentives-and-subsidies-were-the-main-talking-points-in-madboulys-weekly-presser\/","title":{"rendered":"Commodities, tourism incentives, and subsidies were the main talking points in Madbouly\u2019s weekly presser"},"content":{"rendered":"

Madbouly talks oil hedging, commodities, and subsidies in latest presser:<\/strong> Prime Minister Moustafa Madbouly spoke about a wide range of issues during his weekly press conference, including oil hedging, subsidy reforms, and overdue payments to pharma companies, according to cabinet statements (here<\/a> and here<\/a>). <\/p>\n

#1- Preparing for the worst case scenario: <\/strong>The government is working on a number of different plans to ensure the economy stays immune in case of potential escalations of the geopolitical tensions in the region. The government has stocked up on strategic reserves of essential commodities and we currently have a six-month supply of strategic reserves of sugar, wheat, and oil, according to Madbouly. <\/p>\n

Fresh oil hedging contracts: <\/strong>The government has purchased a \u201clarge volume\u201d fresh oil hedging contracts, Madbouly said without providing much detail on the matter. <\/p>\n

Refresher: <\/strong>The former government used hedging contracts<\/a> throughout the fiscal year 2023-24 to hedge against rising oil prices. A government official also previously told us<\/a> that the measure could be extended to other strategic commodities.<\/p>\n

#2- Fresh incentives for tourism developers:<\/strong> The government is looking into introducing a number of incentives for tourism developers over the coming couple of years, Madbouly said. The additional incentives aim to boost investment in the sector and see the government\u2019s goal of adding new hotel rooms so the country can accommodate its yearly tourism footfall targets.<\/p>\n

Remember: <\/strong>The tourism and finance ministries in April launched<\/a> a subsidized loan program for hospitality companies worth up to EGP 50 bn. The funds aim<\/a> to help companies build and operate new hotels, expand existing properties, and repurpose existing buildings into hotels.<\/p>\n

#3- When can we expect the move to cash-based subsidies? <\/strong>Madbouly said that he hopes to see the initial phases of the implementation of cash-based subsidies at some point during the next fiscal year. Madbouly emphasized the importance of moving from in-kind to cash-based subsidies, explaining that the matter has already been discussed by the National Dialogue, which is now in talks with the government over how it could be implemented.<\/p>\n

#4- Gov\u2019t pays back overdue payments to pharma players: <\/strong>The government has paid some EGP 10 bn in overdue payments to pharma and medical supplies manufacturers over the last two months. The amount represents a \u201clarge chunk\u201d of the due owed by the government to sector players, Madbouly said. <\/p>\n","protected":false},"excerpt":{"rendered":"

The government has purchased fresh oil hedging contracts<\/p>\n","protected":false},"author":1,"featured_media":640756,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8507],"tags":[317,104,93,72,281,100,98],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-640755","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-policy","tag-commodities","tag-economy","tag-energy","tag-enterpriseam","tag-moustafa-madbouly","tag-policy","tag-subsidies","wpautop","entry"],"acf":{"mongo_id":"8006b9d5-4a15-40d9-811a-8e885083c8b2","order":"5","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/8\/2679.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt\u2019s Madbouly talks commodities, tourism incentives, and the move to cash subsidies in weekly press conference","related_issue":[640747],"teaser":"The government has purchased fresh oil hedging contracts","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/9\/.91a32a89-685e-4884-9834-3cafefb9d391.mp3"},"yoast_head":"\nCommodities, tourism incentives, and subsidies were the main talking points in Madbouly\u2019s weekly presser - 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By comparison, our GDP growth came in at 1.3% in 1H2020-2021, Planning Minister Hala El Said said,\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/2\/240.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":633505,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/16\/imf-is-in-discussion-with-the-new-cabinet-over-its-policies-for-the-years-to-come\/","url_meta":{"origin":640755,"position":1},"title":"IMF is in discussion with the new cabinet over its policies for the years to come","author":"enterpriseam admin","date":"16 July 2024","format":false,"excerpt":"The two sides are in discussion over monetary and financial policies, as well as policies related to public spending","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/7\/1186.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":578518,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/03\/egypt-set-to-hedge-against-rising-oil-prices\/","url_meta":{"origin":640755,"position":2},"title":"Egypt set to hedge against rising oil prices","author":"enterpriseam admin","date":"3 January 2023","format":false,"excerpt":"The Madbouly government agreed in December to purchase hedging contracts to guard against volatility in the oil markets, Bloomberg Asharq reported yesterday, citing two government sources. \u201cThe oil and finance ministries are waiting for the appropriate timing to contract and implement hedging contracts,\u201d one of the sources told the news\u2026","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/36.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":620872,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/28\/madbouly-hints-at-pricier-bread-fuel-electricity\/","url_meta":{"origin":640755,"position":3},"title":"Madbouly hints at pricier bread, fuel, electricity","author":"enterpriseam admin","date":"28 May 2024","format":false,"excerpt":"The government allocated EGP 125 bn to bread subsidies for the upcoming fiscal year","rel":"","context":"In "Commodities"","block_context":{"text":"Commodities","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/commodities\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/5\/2240.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":612938,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/04\/the-economy-is-on-track-to-recover-in-2025-says-pm\/","url_meta":{"origin":640755,"position":4},"title":"The economy is on track to recover in 2025, says PM","author":"enterpriseam admin","date":"4 January 2024","format":false,"excerpt":"Bigger subsidies and higher interest rates weighed on the country\u2019s debt burden, according to Madbouly","rel":"","context":"In \"economy\"","block_context":{"text":"economy","link":"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/1\/282.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":595781,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/06\/government-seeking-to-increase-oil-hedging-contracts-this-fiscal-year\/","url_meta":{"origin":640755,"position":5},"title":"Government seeking to increase oil hedging contracts this fiscal year","author":"enterpriseam admin","date":"6 August 2019","format":false,"excerpt":"EXCLUSIVE- Gov\u2019t mulls signing fuel hedging contracts with more banks this fiscal year: The government is planning to at least double the number of oil hedging contracts it will sign for FY2019-2020 and is currently reviewing bids from several banks, two government officials told Enterprise. 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