Egypt bears LE12B additional allocations for purchase of wheat after increase in global prices

CAIRO - 25 January 2022: Finance Minister Mohamed Maait affirmed that the state's public treasury bore about LE 12 billion in additional allocations to purchase wheat after the rise in international prices.

 

In an open dialogue on the draft new budget with the commercial and industrial community, the minister said that this is a result of disruption in supply chains, increased shipping costs, and high inflation to unprecedented rates, according to a statement issued by the ministry.

 

He explained that the government decided, in light of the rise in international prices, to increase the price of importing local wheat by about LE 670 per ton to ease the burden on farmers.