Egypt’s stock of wheat for its subsidised bread programme is enough to last until the end of May, Minister of Supplies Khaled Hanafi said in a statement Sunday.
Egypt, the number one wheat importer in the world, has signed contracts for 300,000 tons for wheat from France, Russia and Romania to be delivered between 5-15 June this year, according to the General Authority for Supply Commodities.
The purchases were made at an average price of $221.39 per ton.
Earlier this year, in order to reduce government spending on wheat and reduce smuggling, Egyptian authorities launched a new smart-card scheme for subsidised bread.
The system, which is being introduced gradually throughout the country, currently covers over a dozen of Egypt’s 27 governorates, including Cairo, Giza and Alexandria.
Food subsidies account for four percent of total expenditure in the 2014/2015 budget, compared to 4.2 percent in the previous year’s budget.
Source: Ahram Online
