Cairo: Prime Minister Mostafa Madbouly emphasized the importance of a unified vision between the Egyptian government and the House of Representatives as essential to navigating national priorities. He stated that such consensus is crucial for ensuring trust and credibility in the government's actions during this delicate period, aiming to alleviate pressure on the state and its citizens.

According to State Information Service Egypt, Madbouly addressed the first session of the third legislative term, extending his wishes for the parliament's success and congratulating President Abdel Fattah El Sisi and the Egyptian people on the upcoming Sinai Liberation Day. The session comes at a time when regional and global challenges are prompting countries to take urgent measures to maintain peace.

Madbouly's address was in accordance with constitutional mandates to review government policies, emphasizing his ongoing coordination with parliamentary committees and leadership. He noted the significant impact of a new regional conflict involving the United States, Israel, and Iran on the global political and economic landscape.

The prime minister praised President El Sisi's diplomatic efforts in supporting Gulf security and promoting political solutions to the crisis, reiterating that Arab security is vital to Egypt's national security. He stressed that political resolutions are essential to avoid further violence and fulfill regional development aspirations.

Madbouly outlined the economic repercussions of the war, including disruptions to global oil supplies due to infrastructure attacks and disruptions in the Strait of Hormuz, leading to a significant drop in exports. The resulting geopolitical tensions have caused extreme fluctuations in energy markets, with oil prices ranging from $69 to $120 per barrel.

He highlighted the severe economic challenges, noting that regional tourism losses amount to $600 million daily and the FAO food price index has increased by 2.4%. Moreover, the World Food Program has warned of potential supply chain disruptions more severe than those experienced during the pandemic or the Ukraine war onset.

International bodies like the IMF and World Bank have revised growth forecasts for both global and MENA economies, attributing the downturn to escalating energy costs and regional conflicts. Madbouly concluded by acknowledging the profound impact of this conflict on the global economy, with energy supply at its core.