Egypt provides LE 1.1B as down payment for purchase of local wheat from farmers

CAIRO - 4 April 2022:  Egypt provided LE 1.1 billion to the Supply Commodities Authority and the Egyptian Agricultural Bank as a down payment under the account of financing the purchase of the local wheat crop; so that prompt reimbursement of farmers' dues suppliers, according to the Minister of Finance Mohamed Maait.

 

Maait, affirmed that this provision comes in implementation of presidential directives, to facilitate procedures for importing local wheat, and to expedite the payment of farmers’ dues, in a way that encourages them to supply the largest possible quantity.

 

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

 

He said that the Ministry of Finance is following up, in coordination with the Ministry of Supply and Internal Trade, the position of the daily supply of local wheat, so that funds are available for the account of financing the purchase of local wheat; to ensure the provision of sufficient financial liquidity for the immediate disbursement of farmers' dues.

 

The minister indicated that the state's general budget is capable of positively and flexibly dealing with the current global economic crisis. 

 

Maait pointed out that there is a top priority to meet the basic needs of citizens, and to sustain the "strategic stock" of wheat; to ensure that our needs are secured, especially in light of the exceptional situation of the global economy.