Egypt's Prime Minister Moustafa Madbouly held a meeting on Wednesday to review the status of the country's strategic goods stockpiles, emphasising that the government's efforts to ensure ample supply are contributing to market stability and price balance. The prime minister confirmed that Egypt's reserves of essential commodities are at historically high levels, with wheat stockpiles alone covering 3.4 months of demand. The country has received 644,850 tons of wheat from local farmers as of today, in line with ongoing efforts to boost food security. "The availability of goods in sufficient quantities across markets plays a key role in stabilising prices," Prime Minister Madbouly said, adding that the government is working closely with the Central Bank of Egypt (CBE) to ensure adequate foreign currency availability for import needs. Supply Minister Sherif Farouk reported that the country's reserves are significantly higher than in previous years. In addition to wheat, sugar stocks stand at 14.3 months, crude oil at 2.9 months, frozen chicken at 6.1 months, and frozen meat at 12 months. The minister also highlighted that other essential commodities such as rice, pasta, tea, and fish are sufficiently stocked. The government is also focused on improving wheat storage capacity, he said, to ensure continued food security and optimize storage efficiency. The prime minister's meeting comes amid efforts to stabilise Egypt's economy and ensure a steady supply of basic goods, with authorities assuring the public that the country is well-prepared to handle future demand surges. Attribution: Amwal Al Ghad English Subediting: Y.Yasser
