Egypt has 126 days of wheat supply
Egypt's current wheat stocks are sufficient to meet the needs of the population for 126 days and will last until 24 June 2013, the Cabinet announced on Wednesday.
As the largest wheat importer in the world, Egypt has 3.11 million tonnes of wheat in actual stocks and deliverable contracts, the Cabinet explained.
Observers worry that Egypt will face difficulties in soliciting the $5.5 billion it spends each year on food subsidies, mostly on wheat, as the local currency faces the risk of uncontrolled devaluation in response to political and economic instability.
- Trouble getting them, trouble keeping them? Middle East firms challenged in attracting, retaining talent
- Does capitalism provide a solution to terrorism?
- No pain, no gain: Tunisian economy needs three years of tough love before rebounding
- How will MENA economies look in 2015?
- Sanctions face-off: Iran to unveil its corporate side in London next week