Egypt, France airdrop aid to Gaza amid growing humanitarian crisis, global criticism of Israel    Supply minister discusses strengthening cooperation with ITFC    Egypt launches initiative with traders, manufacturers to reduce prices of essential goods    SCZONE chief discusses strengthening maritime, logistics cooperation with Panama    Egypt strengthens healthcare partnerships to enhance maternity, multiple sclerosis, and stroke care    Egypt keeps Gaza aid flowing, total tops 533,000 tons: minister    Egypt reviews health insurance funding mechanism to ensure long-term sustainability    Gaza on verge of famine as war escalates, ceasefire talks stall    Gaza crisis, trade on agenda as Trump hosts Starmer in Scotland    Egyptian president follows up on initiatives to counter extremist thought    Indian Embassy to launch cultural festival in Assiut, film fest in Cairo    Egyptian aid convoy heads toward Gaza as humanitarian crisis deepens    Culture minister launches national plan to revive film industry, modernise cinematic assets    Egypt will keep pushing for Gaza peace, aid: PM    I won't trade my identity to please market: Douzi    Sisi calls for boosting oil & gas investment to ease import burden    EGX to close Thursday for July 23 Revolution holiday    Egypt welcomes 25-nation statement urging end to Gaza war    Sisi sends letter to Nigerian president affirming strategic ties    Egypt, Senegal sign pharma MoU to unify regulatory standards    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt, Somalia discuss closer environmental cooperation    58 days that exposed IMF's contradictions on Egypt    Egypt's EHA, Huawei discuss enhanced digital health    Foreign, housing ministers discuss Egypt's role in African development push    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Egypt says has enough wheat to avert unrest
Published in Daily News Egypt on 20 - 09 - 2010

Egypt has secured the wheat quantities it needs to avoid shortages in subsidized bread and would not face a rerun of riots in 2008 over bread shortages, the trade minister said on Saturday.
Egypt, the Arab world's most populous state and the world's biggest wheat importer, pays hefty state subsidies to keep bread affordable in the country, where a fifth of the population lives on less than $1 a day, according to the United Nations.
In 2008, shortfalls in bread and rising commodity prices led to clashes between protesters and police. This year, Egypt has rushed to replace 540,000 tons of wheat contracts cancelled after Russia, its top wheat supplier, banned grain exports till year-end to address a massive drought.
Asked whether the government expected global wheat price hikes to stir public unrest in Egypt, Trade Minister Rachid Mohamed Rachid said: "No way, because the policy is very clear. First of all, we have secured all the quantities we need for our consumption."
"We have also secured the funds needed to increase the budget of our subsidy, which means at the end of the day, the Egyptian consumer and the Egyptian citizen will not feel the pain of the increase of prices globally," he added.
Egypt consumes around 14 million tons of wheat annually and relies on foreign supplies for about half of that amount. The trade ministry had said last month it expected changes in global wheat prices to impact the budget for fiscal year 2010-11 by between LE 2.5 and LE 4 billion.
Egypt's core inflation rate rose unexpectedly in August to 8.2 percent from 7.08 percent in the year to July. The central bank said the rise was due to higher food prices associated with the Muslim Holy month of Ramadan which ended on Sept 9.
Domestic wheat production
Rachid said food subsidies would help contain the impact of rising food prices. "The fact that we are increasing our budgets for subsidies and the fact that we have more than 60 million people benefiting from our subsidized foods program, that in itself is the best measure we are taking," he said.
The agriculture ministry was also taking steps to maximize local wheat production, he said, but added Egypt would still need to import 6 million tons of wheat annually over the coming few years.
The agricultural ministry said last month it aimed to achieve 70 percent self-sufficiency in wheat by 2020 as it plants new strains with higher yields.
"What we are looking at is to ensure that whatever we are producing will continue to increase gradually but obviously we will continue to be a main importer of wheat globally within the next few years," Rachid said.
"We will continue to import in the range of 6 million tons of wheat every year," he said.
In March 2008, Egypt imposed a rice export ban to control the rising cost of basic commodities. The trade ministry had said the ban would remain in effect until October 2010.
Asked whether Egypt would extend the rice export ban, Rachid said this would depend on the season's harvest. "We need to wait for the new crop," he said.
Since the start of the 2010/11 fiscal year on July 1, Egypt has bought 1.65 million tons of French, US, and Canadian wheat.
In the fiscal year that ended on June 30, Egypt's main state wheat buyer, the General Authority for Supply Commodities (GASC), purchased 5.53 million tons of US, French, Russian, German, Kazakh and Canadian wheat at international tenders.


Clic here to read the story from its source.