Egypt’s strategic wheat reserves are enough to cover the country’s needs for 4 months, its prime minister announced in a news conference on Sunday.
“By end of the harvest season, the (wheat) reserves will be enough until the end of the current year.” Prime Minister Moustafa Mabouly said.
The North African country is targeting 10 million tons of domestic wheat output this year, Madbouly stated, adding that the government had secured 36 billion Egyptian pounds ($1.9 billion) to buy the local crop from farmers.
Egypt uses its wheat as the cornerstone of a bread-subsidy programme for around 72 million beneficiaries, he added.
Egyptian President Abdel Fattah al-Sisi has directed the government to safeguard that the country’s strategic reserves of staple commodities would last between 4-6 months, the prime minister noted.
In the wake of the Russian war in Ukraine, Madbouly said that Egypt’s wheat import bill has spiked from $2.7 billion to $4.4 billion, as the price of wheat has reached $435 per ton compared to $271 in May 2021.