He revealed that the government has approved launching the first voluntary carbon market through the Financial Regulatory Authority.

Secondly, Madbouly officially announced that the government will adopt the National Low-Carbon Hydrogen Strategy.

The first of its kind in Egypt, the voluntary carbon market is a marketplace where entities can buy carbon credits voluntarily to offset their emissions by supporting projects that reduce or remove greenhouse gases, helping them meet environmental goals and enhance their sustainability efforts.

Madbouly also highlighted that more than 4 gigawatts of green energy will be added to the national grid by next year.

He noted that weekly meetings are held to discuss petroleum and energy matters, pointing out a meeting later Thursday with the Central Bank Governor and the Minister of Finance to ensure the needs of the state's electricity sector are met.

Furthermore, Madbouly addressed the government’s plan to restore and increase the country's oil and natural gas production to previous levels and beyond.

He also stressed that the government is encouraging foreign investments in natural resources.

"While there is a substantial reserve of natural gas and oil, a shortage of US dollars to pay foreign partners caused a slowdown in production, necessitating imports," Madbouly explained.

New electricity consumption rates
 

Madbouly said the government is working to balance electricity prices over the next four years while continuing to support low-income groups.

He noted that while the prices of the first three consumption brackets have been slightly increased, the most significant hikes were applied to higher-income groups and commercial activities with substantial profits.

Earlier this week, the Egyptian government approved the new increase in electricity consumption rates, which will be retroactively applied from August 1st for prepaid metres.

Madbouly also said small businesses receive electricity subsidies, highlighting that though producing electricity costs the state EGP 16 billion, it covers EGP 11 billion on behalf of the citizens.

In addition, he emphasized that the government is careful about factories' electricity prices to ensure they do not impact production processes.

Madbouly also noted that Egypt remains one of the countries with the lowest electricity prices in the world.

He dismissed concerns about a potential real estate bubble, stating that, contrary to some claims, property prices are unlikely to decrease. Instead, more flexible payment options might be offered in certain situations, especially given the country's population growth.

Social support and incentives
 

PM Madbouly confirmed that the government is developing a package of incentives and social support that may not necessarily include salary increases.

These incentives could come in the form of discounts. The government, he indicated, is currently reviewing the salary structure within the constraints of the budget, following an earlier wage increase four months ago.

Madbouly reassured that the government strives to alleviate burdens in various ways, not just through salary adjustments.

He stressed that despite all challenges job opportunities are available, highlighting that prices for goods are stable and that services and utilities remain uninterrupted.

Addressing citizens directly, Madbouly acknowledged the significant challenges but expressed optimism for the future.

He said the country’s strategic stock of essential commodities, such as wheat, is secure for at least six months.

Moreover, Madbouly revealed that wholesale markets and logistics areas are being developed to reduce the multiple intermediary stages that drive up prices before reaching the consumer, leading to price inflation.

He added that Egypt will have the highest number of wholesale markets in its history within two years. Such an enormous increase in product supply will balance the market and lower prices.

Unemployment rate and new tax reforms
 

Madbouly noted that the unemployment rate has decreased to 6.5 percent, resulting from the country's flexible exchange rate, competitive neutrality, and efforts to encourage private sector involvement.

He added that in mid-September the government will announce new tax reforms and foreign trade measures to meet the needs of the private and investment sectors.

The Prime Minister also addressed scepticism surrounding the government's economic reform and development plans, dismissing much of the published criticism as unfounded.

National Debt
 

Madbouly explained that the Ministry of Finance will provide clear indicators next month on reducing the state’s overall debt with special emphasis on reducing external debt from $168 billion to $153 billion.

The government, he added, has set specific plans to reduce external debt and navigate global challenges.

Madbouly also stated that over 31 "golden licenses" have been issued, with private sector contributions rising to 37 percent this year, compared to 26 percent last year.

The goal is to increase this contribution to 65 percent of total investments.

Criminal Justice law
 

The Prime Minister stated that a draft Criminal Justice Law would be prepared and expedited to Parliament where it will be one of the first issues discussed in the upcoming legislative session.

 He emphasized the importance of this step since it reflects the state’s commitment to human rights and the implementation of the National Human Rights Strategy.