Wheat imports to cost EGP 3 bn more than planned -source

Egypt’s wheat import bill is set to increase by EGP 3 bn from projected in the FY2017-18, a Finance Ministry source told Al Mal. The expected increase follows the Supply Ministry’s revised projection of having to import 7 mn tonnes of wheat during the fiscal year, from the 6.2 mn tonnes projected initially. Supply Minister Ali El Moselhy had said the Ministry plans on importing 6 mn tonnes of wheat for actual consumption and the remaining 1 mn tonnes will go towards building strategic reserves. A few days earlier, Reuters had taken note that Egypt was buying “unprecedented” volumes on the international market, which a source said was designed to counter a drop in domestic supplies of wheat.