CAIRO – The Finance Ministry has allocated some 1.1 billion pounds for the General Authority for Supply Commodities (GASC) and the Agricultural Bank of Egypt (ABE) as a down payment on the purchase of local wheat.
This should help the GASC and ABE promptly pay dues of farmers selling the strategic crop, said Finance Minister Mohamed Maeet Monday.
The decision follows presidential directives to ease wheat supply procedures, Maeet noted.
He said the government is seeking to buy 6 million tons of local wheat this year at a total cost of some 36 billion pounds.
The supply price of local wheat has increased by 1,100 pounds on last year, the minister made it clear.
Maeet touched upon coordination with the Supply Ministry to follow up daily imports of local wheat to guarantee prompt cash payment to farmers.
Securing basic needs of citizens remains a top priority of Egypt, the minister said, noting that sustaining wheat reserves is in the heart of efforts to achieve that.
