Egyptian Minister of Supply: Wheat reserves are sufficient for 5.9 months

Egyptian Minister of Supply Ali Al-Moselhi said, Thursday, in a press conference: “Egypt’s strategic reserve of wheat is sufficient for consumption of 5.9 months.”
He added, “The country’s reserves of vegetable oils are sufficient for five months.”
Kamal Hashem, head of the Egyptian General Company for Silos and Storage, said on Tuesday: “The government has bought about 2.7 million tons of wheat from local farmers so far.”
He stated, “It is expected that the quantities supplied will reach more than 4 million tons of local wheat this year,” according to Reuters.

Additional Incentive During its meeting on April 12, the Egyptian Cabinet approved an additional incentive to buy wheat from farmers in the current season, bringing the price of an ardab (150 kg) to 1,500 pounds ($48.59).
The new price represents a 50% increase from the initial price set by the government for the 2023 season at EGP 1,000 in August.
A government spokesman said, “This decision comes in implementation of the directives of President Abdel Fattah El-Sisi, President of the Republic, to review the price of wheat supply to farmers for the current agricultural season,” noting that “this decision contributes to supporting the Egyptian farmer and encouraging him to expand the cultivation of strategic crops.” The decision also contributes to reducing the import bill.
In January, the government approved a first increase, bringing the price to 1,250 pounds (equivalent to $40.45), an increase of 40% compared to the price of the previous season.
The government said that this decision “contributes to reducing the import bill.” (agencies)