Supply authority: Egypt’s balance of wheat will last until mid-December

Egypt's stock of wheat is sufficient to cover the country’s needs until 15 December, said a source at the General Authority for Supply Commodities (GASC) on Monday. 
 
The government bought 3.675 million tons of wheat from Egyptian farmers this season, which ends on Wednesday.
 
Mamdouh Abdel Fattah, vice president of the GASC, told state-run news agency MENA that the country’s supply of sugar will serve people's needs for the coming six months, and the supply of oil will cover Egypt’s needs until September.
 
The stock of rice will cover the needs of Egyptians until mid-August.
 
Egypt is the largest importer of wheat in the world. It is considered a strategic commodity in the country.
 
A large part of the population relies on subsidized bread, which is sold for LE0.05 a loaf.
 
The GASC has signed contracts to import more than 480,000 tons of wheat from abroad, MENA reported.
 
The government of ousted Islamist President Mohamed Morsy had sought to expand the purchase of local wheat and reduce dependence on imports due to a shortage in foreign currency.
 
Abdel Fattah said that the total amount of local wheat that has been cultivated by farmers is 3.675 million tons, down about 41,000 tons from last year, when 3.716 million tons was cultivated.
 
Domestic consumption of wheat ranges between 18 and 20 million tons a year. The country produces about half of this amount, importing the rest.
 
The government of liberal economist Hazem al-Beblawy has received promises of aid and grants from Arab countries, amounting to $12 billion, which should help the country make a strong comeback in the international wheat market.
 
“About LE 9.6 billion was paid to farmers for wheat. The former cabinet had allocated LE 11 billion in funds for the purchase of wheat,” said Abdel Fattah.
 
Edited translation from MENA