FINANCIAL NEWS

Egypt allocates EGP16bn to wheat purchase

26 Mar 2017

(MENAFN) The Ministry of Finance allotted EGP16bn to the General Authority for Supply Commodities to buy 4mn tons of regional wheat at a price between EGP555 and EGP775 per ardeb.

Accordingly, there are 5.5mn ration cards with confirmed data, along with 6mn cards with unconfirmed data, while the 6mn cards show 19mn beneficiaries.

In addition, the budget draft being reviewed at the parliament for the coming fiscal year includes EGP60bn allocated for break subsidies.

The ministry guarantees the inflow of basic goods, whereas it imports 5-6mn tons of wheat per year, next to the 4.5mn tons of regional grain.

MENAFN2603201700450000ID1095343736

MENAFN2603201700450000ID1095343736

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