Egypt’s Strategic Commodities Will Last 4-6 Months: Ministry of Supply

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Photo credit: Ministry of Supply and Internal Trade

Egypt’s present reserves of wheat, sugar, corn, oil, and rice are expected to last four to six months, disclosed the Minister of Supply and Internal Trade Ali Moselhi in a meeting with Egyptian President Abdel Fattah al-Sisi, Prime Minister Mostafa Madbouly, and Major General Walid Abu al-Majd.

The session, which took place on 18 December, was intended to follow up on the “situation regarding the stock of basic food commodities at the level of the Republic.”

This included talks regarding the wheat cultivation for the coming year of 2023, and the setting of fair price points that will boost wheat supply and ensure profitable return for farmers.

In addition, al-Sisi was briefed on the wider position of strategic commodities and basic supplies in the market; Moselhi noted that alongside its reserves of wheat, sugar, corn, oil, and rice, Egypt has enough fresh meat and poultry to last 12 months.

Egypt has been making moves to rectify gaps in its food market in the wake of the Ukraine-Russia war, soliciting loans from the International Monetary Fund (IMF) and European Investment Bank (EIB) in order to do so. With Russia and Ukraine representing 80 percent of its imported wheat—making Egypt one of the largest importers of the commodity world-wide—the government has kept a close eye on strategic commodities as a whole.

Over the local supply season of 2022, Egypt secured approximately 4.2 million tonnes of wheat, according to the Ministry of Supply. This sits short of the 6 million tonne goal previously set by government officials.

Annually, Egypt consumes around 18 million tonnes of wheat, most of which is imported.

The post Egypt’s Strategic Commodities Will Last 4-6 Months: Ministry of Supply first appeared on Egyptian Streets.

Source: egyptianstreets