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Egypt Allocates EGP 45 Billion For Local Wheat Purchases

April 23, 2023
An Upper Egyptian farmer harvesting wheat. Image Credit: Ahmed Dream/Flickr

The Egyptian Ministry of Finance has allocated EGP 45 billion (USD 1.4 billion) to purchase wheat from local farmers, an increase of EGP 19 billion (USD 620 million) compared to last year, Finance Minister Mohamed Maait explained in a statement released on Friday, 21 April. According to Maait, the allocation is expected to cover wheat purchases from April until mid-August. The price of one ardab of wheat (150 kilograms) is set to increase by 74 percent, from EGP 865 (USD 28) to EGP 1500 (USD 49). The decision was made following directives by President Abdel Fattah Al-Sisi to support farmers and encourage them to expand the cultivation of strategic crops, such as wheat, to achieve self-sufficiency, promote food security, and reduce imports. Egypt had already begun to seek solutions to the situation, both internally and externally. On a domestic level, the country mobilized farmers to produce around 6 million tonnes of wheat in 2022, a 2.5 million increase from 2021’s yield. Moreover, Egypt has been attempting to diversify its sources of wheat in light of the recent outbreak of war between Russia and Ukraine. Prior to the conflict, around 80…

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