Egypt's grain buyer to build up strategic reserves - supply minister

27.03.2017

Egypt's state grain buyer GASC will continue to import wheat during the local wheat-buying season as it aims to increase its strategic reserves, Supply Minister Ali Moselhy said on Sunday.

"GASC will continue to import in order to form strategic reserves. You can't stop, you have to continue importing from all origins and form a reserve," he told Reuters. "Wheat is a must, oil is a must, sugar is a must - we have to fulfil it."

He said proposed spending on food subsidies in the 2017/18 budget would be 86 billion Egyptian pounds ($4.73 billion), a sharp increase in local currency terms after the pound lost more than half its value in a November flotation.

"Of course there is an increase, if you consider what happens with the dollar and devaluation - we import 60 percent of our wheat so we have to allocate that amount," he said. Moselhy also said there were no plans for changes to the GASC leadership.


indiatimes

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