Egypt pays EGP 1.1bn deposit to purchase local wheat

Daily News Egypt
2 Min Read

Minister of Finance Mohamed Maait announced on Monday that EGP 1.1bn have been provided to the General Authority for Supply Commodities (GASC) and the Agricultural Bank of Egypt (ABE) to finance the purchase of local wheat crops, so that farmers’ dues are immediately repaid.

This is in implementation of the presidential directives to facilitate the procedures for procuring local wheat and disbursing farmers’ dues to encourage them to supply the largest possible amount from their yields, the minister said.

Furthermore, Maait said that the government aims to secure about 6 million tonnes of local wheat this year at a total cost of about EGP 36bn. He explained that the price of supplying a tonne of local wheat has increased this year by EGP 1,100 compared to 2021.

The minister added that in coordination with the Ministry of Supply and Internal Trade, the Ministry of Finance is following up on the situation of the daily supply of local wheat to provide funds to finance the procurement of local wheat. This is to ensure the provision of sufficient financial liquidity for the immediate disbursement of farmers’ dues.

He pointed out that the state’s general budget is able to flexibly handle the current global economic crisis.

Maait also stressed that meeting the basic needs of citizens and sustaining the strategic stock of wheat is a top priority for the state, given the exceptional circumstances the global economy is going through.

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