July 8, 2022

Wheat reserves in Egypt sufficient for seven months

Egypt's Supply Minister Aly Moselhy said the country's strategic wheat reserves are sufficient for seven months, which is unprecedented in its history, Reuters reported.

Moselhy said the nation has enough strategic reserves of vegetable oils and sugar to last for six and seven months, respectively.

At the end of June, the minister said Egypt needs to import 5 million tons of wheat for the fiscal year 2022/23. Kamal Hashim, chairman of the state-run General Company for Silos and Storage, said 4.1 million tonnes of local wheat have been gathered from farmers since the start of the supply season in April and ends in August.

According to official statements, the local wheat supply, which is anticipated to grow from 3.5 million tonnes in 2021 to six million tonnes this year, will increase the strategic wheat reserves to support local consumption until January 2023.

-      Reuters