June 26, 2012

Egypt's wheat stockpiles total five million tonnes

Enough to cover the country's needs for six months, the state-run Middle East News Agency reported that Egypt's strategic wheat stockpiles total five million tonnes, citing Supply Minister Gouda Abdel Khaleq.

The Finance Ministry allocated EGP8.5 billion (US$1.4 billion) to the purchase of wheat from local farmers, the agency, known as Mena, cited Abdel Khaleq as saying.

The increase in the quantity and the quality of the domestic wheat harvest decreases dependence on imported grain and eases pressure on the budget, Abdel Khaleq said.