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.
- What's its secret? Kuwait sustains non-oil growth for two years
- The reliable consumer: China on track to become biggest export market for GCC by 2020
- After the GCC 'happy' summit, is a customs union closer to reality?
- A bleak record: Turkey comes second in OECD income inequality list
- ًA safe bet? Why the ME's businessmen are chasing after St.Kitts and Nevis' citizenship