Egypt expects to reach a new agreement with the International Monetary Fund (IMF) “within a month”, Prime Minister Mostafa Madbouly said in a televised press conference on Sunday, according to Reuters.
In March, Egypt said it was in talks with the IMF on possible funds to offset the economic effects of the Russia-Ukraine crisis if extended.
Egypt has strategic stocks of wheat sufficient to cover its needs for four months and strategic stocks of vegetable oils to cover six months, he added.
The Minister of Supply stated that the agreements with the Egyptian government for the purchase of Indian wheat will not be affected by the export ban announced by New Delhi on Saturday.
The Egyptian cabinet has given its approval to the state-owned buyer GASC to enter into agreements to buy wheat directly from countries or companies, he added.
Egypt, the world’s largest importer of wheat, is in talks with India, Australia, Kazakhstan and France for direct wheat purchase agreements.
Source: Capital
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
