Oil price hike provides 51B EGP for public funds: Mahlab
Prime Minister Ibrahim Mahlab - YOUM7 (Archive)

CAIRO: Prime Minster Ibrahim Mahlab announced Saturday the oil price hikes will provide approximately 51 billion EGP ($7 billion) in the current fiscal year, 22 billion of which would be allocated for health services, Al Masry Al Youm reported.

“Beside promoting health care and boosting education the saved sums will help achieve growth, a flourishing economy and surrounding budget,” he added.

During a meeting with the concerned ministers to discuss prices’ increase, Mahlab announced Saturday that the government expects a 2.7 percent increase in goods prices and transportation fees, adding that the government would take urgent measures for controlling prices and preventing a monopoly, Akhbar Al Youm reported.

The urgent measures will include tightening supervision on markets, agreeing with merchants to not add large sums along with pumping more subsidized goods at the wholesales complexes all over the country, he added.

Hisham Kamel Saad Allah, an agent of the Supply Ministry at Alexandria, told Al Masry Al Youm Saturday that the Alexandrian operations room did not receive any complaint of oil prices increase, describing the situation in Alexandria as “stable and calm.”

The government has provided the stipulated quantities for all gas stations, pointing out that, the government will focus on preventing smuggling.

Mahlab announced Saturday that rationing oil subsidy is the first step toward achieving economic reform and social equity, adding that the policies of the last 40 years had caused the deficit to soar.

Last year , the poverty rates reached 26.3 percent, while unemployment hit 13.6 percent, he said, pointing out that the government seeks through increasing oil prices to achieve growth and social equity.

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