Egypt: World wheat crisis will not affect bread prices
Egypt's Minister of Social Solidarity, Dr. Ali Meselhi stated the rise in wheat prices in world markets will not affect the provision of subsidized bread to the Egyptian population. In a related development, the Egyptian General Authority for Supply Commodities, said it had bought 240 thousand tons of French wheat to be shiped for the period 1 to 15 September, 2010.
The Vice-Chairman of the Commission and Nomani Nomani said the agency contracted to four shipments of 60 thousand tons at a tender of between 279.69 dollars per ton to 283.69 dollars per ton FOB.
A drought in Russia, one of the biggest wheat suppliers, has prompted the Russian government to ban the export of wheat.
On the other hand, the Kazakh government said it had agreed to cover the wheat supply contracts concluded between Russia and Egypt at as the the Russian government said it would re-consider the decision to ban the export of grain early October.
Minister Meselhi added that Egypt has multiple sources to import wheat and it does not rely on one country. He assured the Egyptians regarding the sufficiency of the strategic wheat reserves saying they cover a period of 3 to 5 months as well as approved future contracts.
- Kuwait fights budget deficit: Reexamining government salaries, expatriate labor
- Businessmen tortured in UAE
- State of the Arab World Economy report 2016: diversify, tax, slash subsidies
- Arab investors won't dump the Trump despite anti-Muslim remarks
- UAE economy minister projects high growth despite oil prices
- Who's facing a crisis here? Egypt imports 60,000 tons of wheat from Ukraine
- Our daily bread? The problems of wheat in the Middle East
- Egypt's ministers reassure wheat suppliers after rejection of French shipment
- Is another global food crisis on the menu?
- Food for thought: Egypt considers bread subsidy reform and wheat storage