Egypt plans to reduce wheat imports by 500,000 tonnes a year, or about 10%, by making more subsidized bread from its wheat, Supply Minister Aly El-Moselhy said, according to Bloomberg.
The move comes as one of the world’s largest importers of wheat struggles with rising commodity prices as a result of the Russian invasion of Ukraine. Egyptian officials are seeking to increase their dependence on local wheat production in a bid to reduce the import bill.
Authorities are urging millers who produce flour for the subsidy program to increase the amount of wheat bran used. Food security is key in the nation of 100 million people, where the majority benefit from subsidized bread, with officials bearing in mind the potential for social unrest amid rising inflation and other cost increases associated with Egypt’s recent devaluation. .
El-Moselhy said Sunday that the government plans to import 5m-5.5m tonnes of wheat in the next fiscal year beginning July 1st. Current wheat stocks are enough for 5.7 months, he said, and local wheat markets are up 12% to 3.92 million tonnes by 2022 so far this year compared to the previous year.
Source: Capital
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