{"id":546692,"date":"2022-05-25T04:00:41","date_gmt":"2022-05-25T04:00:41","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/25\/were-getting-another-usd-3-bn-for-wheat-imports-from-the-itfc\/"},"modified":"2022-05-25T04:00:41","modified_gmt":"2022-05-25T04:00:41","slug":"were-getting-another-usd-3-bn-for-wheat-imports-from-the-itfc","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/25\/were-getting-another-usd-3-bn-for-wheat-imports-from-the-itfc\/","title":{"rendered":"We\u2019re getting another USD 3 bn for wheat imports from the ITFC"},"content":{"rendered":"

<\/a> We\u2019re getting an additional USD 3 bn from ITFC to help us through the <\/strong>commodities crunch:<\/strong> The International Islamic Trade Finance Corporation (ITFC) has raised the ceiling for its financing agreement with Egypt to USD 6 bn from USD 3 bn, Supply Minister Ali El Moselhy told Al Hekaya\u2019s Amr Adib on Monday (watch, runtime: 3:08<\/a>). The extra funds will help us pay for imported wheat and oil, El Moselhy said, without clarifying the exact breakdown or when it was disbursed.<\/p>\n

The original agreement goes back more than four years:<\/strong> Egypt signed a USD 3 bn<\/a>agreement<\/a> with the ITFC in January 2018 to fund the purchase of basic goods and commodities, such as petroleum, wheat, and other subsidized food staples. Since then, Egypt has taken out more loans from the corporation, including USD 1.5 bn<\/a> earlier this year and USD 2.3 bn late last year, both to fund commodity imports.<\/p>\n

Ballooning commodity prices are hitting our budget:<\/strong> The government is having to find an<\/a>extra EGP 15 bn<\/a> this fiscal year to cover the extra costs of imported wheat, which has soared in price following Russia\u2019s invasion of Ukraine. This had knock-on effects on the budget, with the government having to add another EGP 6 bn<\/a> to its 2021-2022 budget allocation to fund debt repayments. Current wheat prices are also far above the price the government has used to calculate its expenditure in the coming fiscal year: the draft budget released this month forecasts prices to average USD 350 per ton<\/a> during the year, 20% below the current market price. This has caused some MPs to raise doubts<\/a> about the ministry\u2019s forecast.<\/p>\n

The news got ink in the foreign press:<\/strong> Bloomberg<\/a> | Reuters<\/a>.<\/p>\n

IMF BOSS TO INDIA: PLEASE DON\u2019T BAN EXPORTS<\/strong><\/p>\n

IMF chief Kristalina Georgieva has<\/strong> urged<\/strong> India to reconsider its <\/strong>wheat export ban<\/a><\/strong> in an interview with India\u2019s NDTV on the sidelines of the World Economic Forum (WEF) at Davos (watch, runtime: 8:01<\/a>). The restrictions could have a major impact on countries most vulnerable to the wheat crisis, including Egypt and Lebanon, \u201cwhere what we see is not only risk of hunger but risk of social unrest and impact on global stability.\u201d<\/p>\n

REMEMBER- Egypt is <\/strong>already in talks<\/a><\/strong> with India for exemption<\/strong> from the ban, which was introduced in response to surging domestic prices in India and a heatwave that threatened to impact the harvest. Supply Minister Ali El Moselhy said earlier this month that an agreement to buy 500k tons of Indian wheat<\/a> will not be impacted by the ban, but clarified later that the purchase has been agreed but not signed.<\/p>\n","protected":false},"excerpt":{"rendered":"

We\u2019re getting an additional USD 3 bn from ITFC to help us through the commodities crunch: The International Islamic Trade Finance Corporation (ITFC) has raised the ceiling for its financing agreement with Egypt to USD 6 bn from USD 3 bn, Supply Minister Ali El Moselhy told Al Hekaya\u2019s Amr Adib on Monday (watch, runtime: […]<\/p>\n","protected":false},"author":1,"featured_media":546693,"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":[7305],"tags":[779,317,72,565,272,1404,182,845,1368,777,563],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-546692","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commodities","tag-ali-el-moselhy","tag-commodities","tag-enterpriseam","tag-food-security","tag-imf","tag-india","tag-inflation","tag-international-islamic-trade-finance-corporation","tag-kristalina-georgieva","tag-supply-ministry","tag-wheat","wpautop","entry"],"acf":{"mongo_id":"7e889954-da3e-49ae-bfb6-380033628f1a","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/5\/333.jpg","photo_position":"above","related_issue":[546684],"teaser":"","voice_url":""},"yoast_head":"\nWe\u2019re getting another USD 3 bn for wheat imports from the ITFC - 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The agreement earmarks\u2026","rel":"","context":"In "Development finance"","block_context":{"text":"Development finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/development-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/2\/220.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":601508,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/03\/03\/egypt-uses-usd-213-mn-from-itfc-to-buy-wheat\/","url_meta":{"origin":546692,"position":2},"title":"Egypt uses USD 213 mn from ITFC to buy wheat","author":"enterpriseam admin","date":"3 March 2019","format":false,"excerpt":"The Supply Ministry secured USD 213 mn in funding from the Islamic Trade Finance Corporation (ITFC) to buy 1.02 mn tonnes of wheat, sufficient till the end of the fiscal year in June, Reuters Arabic Service reported, citing a ministry statement. State grain buyer GASC secured last month USD 1\u2026","rel":"","context":"In "Basic Materials + Commodities"","block_context":{"text":"Basic Materials + Commodities","link":"https:\/\/enterpriseam.com\/egypt\/category\/basic-materials-commodities\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":579035,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/23\/another-usd-1-5-bn-from-the-itfc-for-energy-and-commodities-imports\/","url_meta":{"origin":546692,"position":3},"title":"Another USD 1.5 bn from the ITFC for energy and commodities imports","author":"enterpriseam admin","date":"23 January 2023","format":false,"excerpt":"More imports money from the ITFC: The government has signed a fresh USD 1.5 bn financing agreement with the International Islamic Trade Finance Corporation (ITFC) to fund energy and basic commodities imports, according to a tweet by CNBC Arabia citing ITFC CEO Hani Sonbol. Sonbol yesterday met with the planning\u2026","rel":"","context":"In "Development finance"","block_context":{"text":"Development finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/development-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/387.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":546970,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/05\/were-closing-in-on-usd-3-5-bn-from-the-itfc-world-bank-to-help-with-food-and-energy\/","url_meta":{"origin":546692,"position":4},"title":"We\u2019re closing in on USD 3.5 bn from the ITFC + World Bank to help with food and energy","author":"enterpriseam admin","date":"5 June 2022","format":false,"excerpt":"Egypt is finalizing some USD 3.5 bn in fresh financing from multilateral lenders to shore up food and energy security amid ongoing disruptions to global markets. First up: We\u2019re getting that USD 3 bn from the ITFC. The International Islamic Trade Finance Corporation (ITFC) has raised the ceiling for its\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\/131.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":599373,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/26\/egypt-to-sign-second-tranche-of-trade-financing-agreement-with-itfc-in-july\/","url_meta":{"origin":546692,"position":5},"title":"Egypt to sign second tranche of trade financing agreement with ITFC in July","author":"enterpriseam admin","date":"26 June 2019","format":false,"excerpt":"EXCLUSIVE- Egypt to sign second USD 1.5 bn tranche of trade financing agreement with ITFC in July: The Egyptian General Petroleum Corporation (EGPC) and General Authority for Supply Commodities (GASC) are expected to sign contracts for the USD 1.5 bn second tranche of a USD 3 bn trade finance facility\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/546692","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=546692"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/546692\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/546684"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/546693"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=546692"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=546692"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=546692"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=546692"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=546692"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}