In Photos: Egyptian archaeological mission at Saqqara Necropolis announces new major discoveries    Rare conviction of South Sudan soldiers for rape raises hope    Bahrain's Bank ABC completes $480m acquisition of Blom Bank Egypt    14.7% increase in health expenditures during H1 of FY 2020/21: Maait    Egypt reports 879 new coronavirus cases, 52 deaths on Friday    Talaat Moustafa Group's subsidiary gets approval to develop 5k feddans in Capital Gardens City    LIVE: Egypt v North Macedonia (2021 World Handball Championship)    Uganda's Museveni holds commanding election lead, rival alleges fraud    Ferguson says management all about results, backs Rooney to succeed at Derby    State revenues expected to drop by EGP 150 bln in FY 2020/21 owing to coronavirus    Tennis: Australian Open arrivals hit by 2 COVID positive tests    Retired doctors and more syringes: Biden lays out plan to get America vaccinated    ‘This is not a game': Global virus death toll hits 2 million    Merkel pushes for centrist as party picks new leader    Egypt's Sisi discusses bilateral ties, regional developments with Sudanese delegation    Egypt's Mostaqbal Watan party dominates the leading posts of parliament's 25 committees    Egypt's budget deficit to GDP ratio receded to 3.6% in first half of FY2020/21, revenues rose by 16%    Mubarak-era politician Safwat El-Sherif dies aged 88    Handball: Egypt ease past Chile 35-29 in World Championship opener    Egypt's president, Siemens CEO discuss final deal on construction of electric train system    Hollywood actor Mena Massoud visits Giza pyramids, says is proud of Egyptian culture    Egypt confirms 970 new coronavirus cases, 55 deaths on Tuesday    EgyptAir to operate daily flight to Doha after lifting airspace ban on Qatar    Pound shielded from Covid-19    Egypt reopens airspace and resumes flights with Qatar    Egypt, Tunisia to establish maritime trade route    TVs were high in demand during 2020 on COVID-19 lock down: Samsung    Egypt eyes gradual return for tourism after revenues fall to $4 bln in 2020    Seasoned Egyptian screenwriter Wahid Hamed dies at 76    Coronavirus strikes Egypt's youth team as 17 players, coach test positive    Nassef Sawiris plans to up his stake in owner of New York Knicks, Rangers    Cairo International Book Fair suspended for five months over coronavirus concerns    Egypt unveils largest archaeological discovery in 2020 with over 100 intact sarcophagi    Trump says won't blame Egypt for being ‘upset' over GERD dispute with Ethiopia    Egypt, Ethiopia, Sudan to resume Nile dam talks today    Global Finance: Egypt's Tarek Amer among the world's top 20 central bank governors    The Facebook Preacher's Search for Fame, and Egypt's Economy    Egypt calls on UNSC to address oil spill risks off Yemen coast    Egypt economically strong in face of COVID-19, reforms ongoing: International Cooperation Minister    Arafa Holding reports $144,000 COVID-19-related losses in April    Egypt's efforts in Libya to activate free will of Libyan people: Al-Sisi    Hyksos campaigns were internal takeover, not foreign invaders: study    COVID-19 affects Egypt sporting clubs    COVID-19 will soon turn to seasonal like swine flu: Presidential Health Advisor    ‘Egypt's Support' coalition convenes to discuss its Senate election list    Robbery attempt leads to discovery of Ptolemaic monuments in Qena    Flouting international guidance, Ethiopia unilaterally starts filling its Nile dam    Zaha speaks out after online racial abuse    







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.