Egyptian Prime Minister Mustafa Matbouli announced the establishment of a fixed price for bakery products. The maximum cost of a kilogram of bread will be 11.5 Egyptian pounds – 0.63 US dollars.
Violators face a fine ranging from $5,500 to $275,000. At the same time, bakeries will continue to operate, where pitas are sold at reduced, subsidized prices.
Egypt receives about 80% of its grain from Russia and Ukraine. The Russian invasion of Ukraine threatens the stability of supplies. Egypt does not rule out that it will have to buy grain in the US and Canada at higher prices.
Food security was one of the issues discussed at the summit with Egyptian President Abd al-Fattah el-Sisi, Israeli Prime Minister Naftali Bennett and Abu Dhabi Crown Prince Mohammed bin Zayed.
Earlier there were suggestions that the UAE and Saudi Arabia would be willing to pay part of the price difference to Egypt in order to ensure the stability of the regime and the region as a whole.