{"id":542937,"date":"2022-01-25T03:57:44","date_gmt":"2022-01-25T03:57:44","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/25\/were-spending-a-whole-lot-more-on-wheat-and-events-in-ukraine-could-bump-up-spending-even-more\/"},"modified":"2022-01-25T03:57:44","modified_gmt":"2022-01-25T03:57:44","slug":"were-spending-a-whole-lot-more-on-wheat-and-events-in-ukraine-could-bump-up-spending-even-more","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/25\/were-spending-a-whole-lot-more-on-wheat-and-events-in-ukraine-could-bump-up-spending-even-more\/","title":{"rendered":"We\u2019re spending a whole lot more on wheat \u2014 and events in Ukraine could bump up spending even more"},"content":{"rendered":"

<\/a> Spiraling wheat prices land us with an EGP 12 bn check:<\/strong> The rise in global wheat prices will cost us an additional EGP 12 bn this fiscal year, Finance Minister Mohamed Maait yesterday told Bloomberg Asharq<\/a>. State grain buyer GASC had been allocated some EGP 87 bn in this fiscal year\u2019s state budget, according to official figures (pdf)<\/a>.<\/p>\n

Commodities crunch hits home:<\/strong> As the world\u2019s biggest importer of wheat, we\u2019re significantly exposed to price hikes that saw the grain trade in 2021 at its highest levels in more than a decade amid the global commodities squeeze, with Egyptian tenders delivering the highest prices in at least five years<\/a>.<\/p>\n

Making matters worse: the threat of war in Ukraine. <\/strong>Conflict in the Donbas could have an impact on Egypt and other wheat dependent countries in MENA, food analyst Alex Smith writes in Foreign Policy<\/a>. Egypt is the largest consumer of Ukrainian wheat, last year purchasing the equivalent of around 14% of its total wheat consumption from the eastern European country. Most Ukrainian wheat is grown in the east of the country, which also happens to be the area most likely to be hit by conflict, setting the stage for huge falls in production and supply shortfalls internationally should tensions spill over.<\/p>\n

Wait, it gets better: <\/strong>We\u2019re also bracing for the possibility of pricier wheat as Russia mulls higher export tariffs<\/a> on the grain.<\/p>\n

Bread prices could rise for the first time in decades:<\/strong> The reality of price pressure was spelled out last summer<\/a> when President Abdel Fattah El Sisi signaled that the government could move to hike bread prices. Six months later and the Supply Ministry is now working on several scenarios<\/a> that would see the government taper bread subsidies and limit the impact of rising international prices on the state budget. History suggests the state will move carefully on bread prices after a hike in the late 1970s provoked a furious response<\/a>.<\/p>\n

Hedging an option:<\/strong> The Finance Ministry was also mulling hedging<\/a> against rising grain prices last year, but has not announced whether it has entered into any contracts.<\/p>\n","protected":false},"excerpt":{"rendered":"

Spiraling wheat prices land us with an EGP 12 bn check: The rise in global wheat prices will cost us an additional EGP 12 bn this fiscal year, Finance Minister Mohamed Maait yesterday told Bloomberg Asharq. State grain buyer GASC had been allocated some EGP 87 bn in this fiscal year\u2019s state budget, according to […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[9590],"tags":[317,72,569,565,550,270,278,98,304,563],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-542937","post","type-post","status-publish","format-standard","hentry","category-food-security","tag-commodities","tag-enterpriseam","tag-finance-minister-mohamed-maait","tag-food-security","tag-gasc","tag-russia","tag-state-budget","tag-subsidies","tag-ukraine","tag-wheat","wpautop","entry"],"acf":{"mongo_id":"30bc9b32-0682-476e-b93c-cd733864721d","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[542931],"teaser":"","voice_url":""},"yoast_head":"\nWe\u2019re spending a whole lot more on wheat \u2014 and events in Ukraine could bump up spending even more - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/01\/25\/were-spending-a-whole-lot-more-on-wheat-and-events-in-ukraine-could-bump-up-spending-even-more\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"We\u2019re spending a whole lot more on wheat \u2014 and events in Ukraine could bump up spending even more\" \/>\n<meta property=\"og:description\" content=\"Spiraling wheat prices land us with an EGP 12 bn check: The rise in global wheat prices will cost us an additional EGP 12 bn this fiscal year, Finance Minister Mohamed Maait yesterday told Bloomberg Asharq. 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Reuters reports, citing industry experts.In numbers: The private sector imported 6.9 mn tonnes of\u2026","rel":"","context":"In "Commodities"","block_context":{"text":"Commodities","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/commodities\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/2\/164.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":547198,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/13\/and-the-toll-from-europes-mess-keeps-getting-bigger\/","url_meta":{"origin":542937,"position":1},"title":"And the toll from Europe\u2019s mess keeps getting bigger","author":"enterpriseam admin","date":"13 June 2022","format":false,"excerpt":"Egypt will need around USD 10 bn next fiscal year for wheat + oil: Egypt could face an extra USD 10.2 bn burden next fiscal year if wheat and oil prices remain at their current elevated levels, Finance Minister Mohamed Maait told CNBC Arabia in an interview.On wheat: Some USD\u2026","rel":"","context":"In "Commodities"","block_context":{"text":"Commodities","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/commodities\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/6\/247.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":546658,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/24\/subsidies-social-safety-net-allocations-dominate-house-budget-debate\/","url_meta":{"origin":542937,"position":2},"title":"Subsidies + social safety net allocations dominate House budget debate","author":"enterpriseam admin","date":"24 May 2022","format":false,"excerpt":"MPs raise flags on FY 2022-2023 budget allocations for subsidy + social safety net spending: Members of the House Planning and Budgeting Committee appear to be divided on whether the state should be upping its spend on commodity subsidies and expanding social safety programs, particularly as the Russia-Ukraine war has\u2026","rel":"","context":"In "BUDGET WATCH"","block_context":{"text":"BUDGET WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/budget-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/5\/317.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":544493,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/07\/rising-wheat-and-oil-prices-will-hit-budget-in-egypt-ministers-say\/","url_meta":{"origin":542937,"position":3},"title":"Rising wheat and oil prices will hit budget in Egypt, ministers say","author":"enterpriseam admin","date":"7 March 2022","format":false,"excerpt":"Rising global wheat prices could cost the government an additional EGP 15 bn this fiscal year, Finance Minister Mohamed Maait told Bloomberg Asharq (watch, runtime: 1:35). The ministry assumed an average price of USD 255 per ton in this year\u2019s budget but the state is now paying USD 350, Supply\u2026","rel":"","context":"In "Commodities"","block_context":{"text":"Commodities","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/commodities\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/3\/75.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":546226,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/09\/oil-wheat-spend-to-rise-fy-2022-2023\/","url_meta":{"origin":542937,"position":4},"title":"Oil + wheat spend to rise FY 2022-2023","author":"enterpriseam admin","date":"9 May 2022","format":false,"excerpt":"The Finance Ministry will set oil prices at USD 80 a barrel in the FY 2022-2023 budget, according to a document seen by Bloomberg Asharq, coming in at the bottom range of the USD 80-85 a barrel range signaled by Vice Minister of Finance Ahmed Kouchouk last month.This is significantly\u2026","rel":"","context":"In "BUDGET WATCH"","block_context":{"text":"BUDGET WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/budget-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/5\/100.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":548029,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/24\/russia-ukraine-reach-landmark-grain-export-agreement\/","url_meta":{"origin":542937,"position":5},"title":"Russia, Ukraine reach landmark grain export agreement","author":"enterpriseam admin","date":"24 July 2022","format":false,"excerpt":"Good news on the wheat front: Russia and Ukraine have signed a landmark agreement to resume grain exports through the Black Sea, in a move aimed at averting a global food crisis. Russian Defence Minister Sergei Shoigu and Ukrainian Infrastructure Minister Oleksandr Kubrakov inked the agreement in Istanbul on Thursday\u2026","rel":"","context":"In "Commodities"","block_context":{"text":"Commodities","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/commodities\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/7\/238.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/542937","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=542937"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/542937\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/542931"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=542937"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=542937"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=542937"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=542937"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=542937"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}