Egypt provides 1.1 billion Egyptian pounds as down payment for the purchase of local wheat to farmers

Harvesting machinery can be seen behind a wheat crop at a paddock on the outskirts of the South Australian town of Jamestown, Australia December 1, 2017. REUTERS/David Gray

CAIRO – April 04, 2022: Egypt has paid LE 1.1 billion to the Supply Commodities Authority and the Egyptian Agricultural Bank as a down payment on the financing account for the purchase of the local wheat crop; so that suppliers promptly reimburse farmers’ dues, according to Finance Minister Mohamed Maait.

Maait said that this provision comes in application of presidential directives, to facilitate procedures for importing local wheat, and to speed up the payment of royalties to farmers, in a way that encourages them to supply the largest possible quantity.

The minister added that the government aims to supply around 6 million tonnes of local wheat this year at a total cost of around LE 36 billion, explaining that the price of importing one tonne of local wheat this year has been increased by LE 1,100 compared to last year. year.

He said that the Ministry of Finance is monitoring, in coordination with the Ministry of Supply and Internal Trade, the situation of the daily supply of local wheat, so that funds are available for the purchase financing account. local wheat; ensure the provision of sufficient financial liquidity for the immediate disbursement of farmers’ contributions.

The minister indicated that the general state budget is able to cope positively and flexibly with the current global economic crisis.

Maait stressed that there is an absolute priority to meet the basic needs of citizens and to maintain the “strategic stock” of wheat; ensure that our needs are met, particularly given the exceptional situation of the global economy.

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