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.
- The tip of the iceberg: Gaza War to 'leave a dent' in the Israeli economy
- Starting with fewer power cuts, what has Eid brought to the Egyptian economy?
- From escaping to winning: the story of the Lebanese who are 'making it big' in Brazil
- A will with no way: Egypt's charitable spirit dampened with economic hardship
- OPEC exports largest share of petroleum to Asian and Pacific countries in 2013