May 16, 11:35 AM EDT

Egypt's government has allowed for a 20 percent increase in prices of domestically manufactured medicines

Latest News
4,300-year-old pyramid discovered in Egypt
Women join fight against female circumcision
Cheap electronics threaten Egyptian repairmen
A senior Egyptian forensics official says human remains retrieved from the crash site of EgyptAir Flight 804 suggest there was an explosion on board that may have brought down the aircraft

An Egyptian security official says Egypt's former top auditor, who was dismissed in March, has been summoned for questioning by the country's national security prosecutors over statements he made estimating the cost of corruption

Israel has returned two looted ancient Egyptian sarcophagus covers to Egypt amid warming relations between the countries

The first audio available from EgyptAir Flight 804 indicates that all was routine as the plane checked in with air traffic controllers in Zurich, Switzerland, late Wednesday night, before being handed over to Italian air traffic controllers in Padua

The EgyptAir plane that crashed in the Mediterranean had flown through five airports in the 48 hours before it disappeared off radar

A district summary of the Beige Book
Measuring economic stress by county nationwide
Mall malaise: shoppers browse, but don't buy
Unemployment by the numbers
Family struggles with father's unemployment
Saying an affordable goodbye
Hard times hit small car dealer
Latest Economic News
A closely watched survey of German investor confidence has dipped unexpectedly because of concerns such as uncertainty over whether Britain will vote to leave the European Union

Puerto Rico's governor has unveiled a stark budget that sets aside more than $200 million for a critical bond payment as the U.S. territory sinks into a deep economic crisis

Mixed economic signals emerged Monday about the state of the eurozone economy

Japan's economy appears to be sputtering as exports fell 10 percent and imports plunged 23 percent in April while a monthly survey of factory managers showed the sharpest deterioration in operating conditions in over three years

After emerging from a three-year, multi-billion euro rescue program, Cyprus boasts one of the highest economic growth rates among the 19 eurozone countries _ an annual rate of 2.7 percent in the first quarter

Mexico is lowering its economic growth forecast for 2016, citing what it calls "adverse" international conditions including sluggish industrial production in the United States

French Sports Ministry estimates $1.3 billion boost to economy from hosting Euro 2016

The International Monetary Fund says it is lending $5.4 billion over three years to Iraq, which has been hit hard by falling oil prices

European Central Bank officials at their last meeting saw "grounds for cautious optimism" about the economy as their stimulus measures take hold

The Philippine economy grew faster than expected at 6.9 percent in the first quarter, its highest quarterly growth in almost three years

Greece's Debt Threatens to Spread
State budget
gaps map
Auto industry problems trickle down, punish Tennessee county
Women give old Derby hats a makeover in tough economy
S.C. town deals with highest unemployment in South
How mortgages were bundled and sold as securities
Tracking the $700 billion financial bailout
Tracking the year's job losses
State-by-state foreclosures since 2007
Credit crisis explained
Presidents and their economic legacies
Lexicon of the financial crisis
Americans' addiction to debt

CAIRO (AP) -- Egypt's government has allowed for a 20 percent price increase for domestically manufactured medicines.

The state-run MENA news agency is quoting Health Minister Ahmed Emad as saying on Monday that the decision aims to encourage local manufacturers who have been suffering from high costs of production, which have forced some to shut down.

Egypt imports a multitude of goods, including raw material used in the manufacturing of medicines. The Egyptian pound was last officially devalued in March but has since fallen to new lows, with many worried over a possible surge in prices.

The minister says that 4,000 medicines are no longer available in Egypt because their production costs more than their price.

The prices of locally manufactured medicines are set by a special Health Ministry committee responsible for pricing.

© 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Learn more about our Privacy Policy and Terms of Use.