São Paulo – The Egyptian government is aiming to supply as much as 6 million tons of local wheat this harvest season, which runs from last week to late April. Finance minister Mohamed Maait explained that the decision comes in implementation of directives to facilitate the procedures for importing local grain, and to encourage farmers to supply the largest amount possible.
The minister disclosed that a down payment of EGP 1.1 billion (USD 60 million) has been made to the Supply Commodities Authority and the Egyptian Agricultural Bank in order to facilitate procedures for importing local wheat, and to expedite the payment of farmers’ due.
Maait expounded that the government targets supplying roughly 6 million ton of local wheat at a total cost of EGP 36 billion (USD 1.9 billion) in 2022, adding that the price of local wheat supply has increased by EGP 1,100 per ton (USD 60) in 2022 compared to 2021.
The minister said that the Ministry of Finance is following up, in coordination with the Ministry of Supply and Internal Trade, the position of the daily supply of local wheat, so that funds are available for the account of financing the purchase of local wheat, and to ensure the provision of sufficient financial liquidity for the immediate disbursement of farmers’ dues.
Maait indicated that Egypt is capable of positively and flexibly dealing with the current global economic crisis. The minister pointed out that there is a top priority to meet the basic needs of citizens, and to sustain the strategic stock of wheat; to ensure that their needs are secured, especially in light of the exceptional situation of the global economy.
Translated by Ahmed El Nagari & Guilherme Miranda
