Egypt raises wheat prices to shield farmers from global market volatility

Egypt plans to increase the price it pays farmers for wheat to 2,500 Egyptian pounds per ardab, up from 2,350, in an effort to support domestic agriculture and encourage greater deliveries to the state, its prime minister said Wednesday.

Under the directives from President Abdel Fattah El-Sisi, the hike is intended to ensure farmers benefit from global price swings, Moustafa Madbouly said in a weekly press briefing. “The goal is to provide a fair incentive so that farmers are the primary beneficiaries and can supply the maximum possible quantities this season,” he said.

The government also plans to expand strategic wheat reserves to nine months, a move designed to stabilise domestic prices and buffer against sudden spikes in global food costs.

Attribution: Amwal Al Ghad English