Egypt says sugar reserves sufficient for one year’s demand

Egypt has strategic sugar reserves sufficient to cover about one year of domestic consumption, the government said on Tuesday, citing increased production and inventories as authorities seek to ensure stable supplies of essential commodities.

Prime Minister Moustafa Madbouly reviewed the country’s strategic stockpiles of sugar and other key commodities during a meeting with ministers responsible for supply, agriculture, industry, and other relevant sectors, according to a Cabinet statement.

The officials told the meeting that domestic sugar production, together with existing inventories, had enabled Egypt to maintain strategic reserves sufficient to meet roughly one year’s demand, reinforcing the country’s food security system.

The government also said retail sugar prices have fallen to around 28 Egyptian pounds ($0.55) per kilogram from more than 50 pounds in recent years, attributing the decline to increased market supplies and government measures to improve availability and stabilise prices.

Madbouly directed officials to continue monitoring strategic commodity stocks and maintain adequate reserves to meet domestic demand, according to the statement.

Attribution: Amwal Al Ghad English