{"id":556554,"date":"2021-10-31T04:00:34","date_gmt":"2021-10-31T04:00:34","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/31\/supply-ministry-downplays-potential-for-bread-subsidy-cuts-as-global-wheat-prices-rise\/"},"modified":"2021-10-31T04:00:34","modified_gmt":"2021-10-31T04:00:34","slug":"supply-ministry-downplays-potential-for-bread-subsidy-cuts-as-global-wheat-prices-rise","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/31\/supply-ministry-downplays-potential-for-bread-subsidy-cuts-as-global-wheat-prices-rise\/","title":{"rendered":"Supply Ministry downplays potential for bread subsidy cuts as global wheat prices rise"},"content":{"rendered":"<p><a id=\"tldr-story-03\" class=\"content-anchor\"><\/a> <strong>Bread prices may rise, but it will \u201ctake time\u201d:<\/strong> The government is playing down the likelihood of an imminent increase in the price of subsidized bread amid rising global wheat prices, with Supply Minister Al El Moselhy telling reporters on Thursday that it \u201cwill take time\u201d for the government to set a new price, <a href=\"https:\/\/www.reuters.com\/world\/middle-east\/egypts-new-price-bread-will-take-time-supply-minister-says-2021-10-28\/\">Reuters<\/a> reports.<\/p>\n<p><strong>Price rises were signposted in August<\/strong> by President Abdel Fattah El Sisi, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cff5080b-b5e6-4d57-8920-c15466348892\">who suggested<\/a> that the government would make a \u201cmodest\u201d reduction to bread subsidies for the first time in a generation without providing further details.<\/p>\n<p><strong>The Supply Ministry has been working on a plan to cut subsidies<\/strong>, which will be sent to the cabinet for approval when ready, the ministry\u2019s spokesperson said at the time. Bread is currently sold for EGP 0.05 per loaf but costs EGP 0.6-0.65 to produce.<\/p>\n<p><strong>Vegetable oil subsidies will be cut for the second time this year: <\/strong>From 1 November, the price of a liter of cooking oil will increase from EGP 21 to EGP 25 for ration card holders, while the 800 ml bottle will jump from EGP 17 to EGP 20, El Moselhy said.<\/p>\n<p><strong>Rising wheat costs this season are posing an increasing problem to importers<\/strong>, especially Egypt which is the world\u2019s largest importer of wheat. A convergence of factors, including reduced crop production in some of the world\u2019s biggest producers, higher shipping costs, and trade tariffs, have pushed up global prices to highs not seen for a decade.<\/p>\n<p><strong>Mixed signals:<\/strong> The spiralling prices are putting Egypt\u2019s public finances in a precarious position, according to Moselhy, who told Ala Mas\u2019ouleety last night that the country\u2019s budget deficit will widen and inflation will rise if subsidies are left unchanged (<a href=\"https:\/\/www.facebook.com\/watch\/?v=857093548340403\">watch, runtime: 9:09<\/a>). Despite the pressures on the state budget, he downplayed the potential for subsidy cuts, telling show host Ahmed Moussa that he does not think the price will be moved \u201cin the near future\u201d (<a href=\"https:\/\/www.youtube.com\/watch?v=gOtogeb9jB0&t=5s\">watch, runtime: 5:59<\/a>).<\/p>\n<p><strong>Egypt is looking to hedge to insulate itself from rising prices:<\/strong> The government is in talks with Citigroup to take out hedging contracts to reduce its exposure to wheat prices and minimize pressures on its finances as commodity prices continue to climb, he told <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-10-28\/citi-in-talks-with-world-s-biggest-wheat-buyer-on-grain-hedge?sref=mmeFTDW1\">Bloomberg<\/a>. The ministry also wants the finance ministry to purchase contracts for vegetable oil price increases, he added. Commodity subsidies currently make up <a href=\"https:\/\/bit.ly\/2Y07B9Q\">EGP 87 bn<\/a> of the ministry\u2019s budget, the minister said. Of that, EGP 51 bn is earmarked for bread subsidies for 71 mn Egyptians, while the remaining EGP 36 bn are funneled towards other commodities serving 64 mn people.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bread prices may rise, but it will \u201ctake time\u201d: The government is playing down the likelihood of an imminent increase in the price of subsidized bread amid rising global wheat prices, with Supply Minister Al El Moselhy telling reporters on Thursday that it \u201cwill take time\u201d for the government to set a new price, Reuters [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":556555,"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":[3377,317,72,98,777],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-556554","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commodities","tag-aly-el-moselhy","tag-commodities","tag-enterpriseam","tag-subsidies","tag-supply-ministry","wpautop","entry"],"acf":{"mongo_id":"7ca352b4-6229-4ab6-a4ba-a889111ba20f","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/10\/323.jpg","photo_position":"above","related_issue":[556546],"teaser":"","voice_url":""},"yoast_head":"<!-- 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for now, El Moselhy tells Senate: The Sisi administration\u2019s previously-floated plan to replace subsidized bread with cash transfers is not going to happen anytime soon, Supply Minister Ali El Moselhy told the Senate yesterday. \u201cWe can begin to consider this policy some time\u2026","rel":"","context":"In &quot;Public policy&quot;","block_context":{"text":"Public policy","link":"https:\/\/enterpriseam.com\/egypt\/category\/regulation\/public-policy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/5\/394.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":549980,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/10\/is-bread-subsidy-reform-back-on-the-table\/","url_meta":{"origin":556554,"position":1},"title":"Is bread subsidy reform back on the table?","author":"enterpriseam admin","date":"10 October 2022","format":false,"excerpt":"Supply Minister revives talk of bread subsidy reform in the House of Representatives: Supply Minister Ali El Moselhy called on MPs to form an ad hoc committee to look into possible changes to the country\u2019s massive bread subsidy program. El Moselhy made the call during a meeting of the House\u2026","rel":"","context":"In &quot;SUBSIDIES&quot;","block_context":{"text":"SUBSIDIES","link":"https:\/\/enterpriseam.com\/egypt\/category\/subsidies\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/10\/172.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":543689,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/14\/ukraine-crisis-spurs-uncertainty-in-wheat-market-el-moselhy\/","url_meta":{"origin":556554,"position":2},"title":"Ukraine crisis spurs \u201cuncertainty\u201d in wheat market -El Moselhy","author":"enterpriseam admin","date":"14 February 2022","format":false,"excerpt":"Rising tensions in the tug-of-war between Russia and Ukraine are causing \u201cuncertainty\u201d in the wheat market, Al Shorouk quoted Supply Minister Ali El Moselhy as saying. While the Madbouly government has previously suggested it had no plans to start hedging wheat, El Moselhy is quoted as having said a decision\u2026","rel":"","context":"In &quot;Commodities&quot;","block_context":{"text":"Commodities","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/commodities\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/2\/181.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":542937,"url":"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\/","url_meta":{"origin":556554,"position":3},"title":"We\u2019re spending a whole lot more on wheat \u2014 and events in Ukraine could bump up spending even more","author":"enterpriseam admin","date":"25 January 2022","format":false,"excerpt":"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\u2026","rel":"","context":"In &quot;FOOD SECURITY&quot;","block_context":{"text":"FOOD SECURITY","link":"https:\/\/enterpriseam.com\/egypt\/category\/food-security\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":553642,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/31\/the-aftermath-of-the-egp-float-continued-to-dominate-the-conversation-on-the-airwaves-last-night\/","url_meta":{"origin":556554,"position":4},"title":"The aftermath of the EGP float continued to dominate the conversation on the airwaves last night","author":"enterpriseam admin","date":"31 October 2022","format":false,"excerpt":"The economic impact of Thursday's float of the EGP continued to dominate the airwaves last night, with the nation\u2019s talking heads doing their best to put a positive spin on events and officials trying to assure the public on rising prices and the availability of goods.Nobody wanted to talk about\u2026","rel":"","context":"In &quot;LAST NIGHT\u2019S TALK SHOWS&quot;","block_context":{"text":"LAST NIGHT\u2019S TALK SHOWS","link":"https:\/\/enterpriseam.com\/egypt\/category\/last-nights-talk-shows\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":547554,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/27\/were-getting-a-third-of-the-indian-wheat-wed-hoped-for-bread-could-get-browner\/","url_meta":{"origin":556554,"position":5},"title":"We\u2019re getting a third of the Indian wheat we\u2019d hoped for + Bread could get browner","author":"enterpriseam admin","date":"27 June 2022","format":false,"excerpt":"The Madbouly government has inked a contract to buy 180k tons of wheat from India, which should be heading our way soon, Supply Minister Ali El Moselhy said at a presser yesterday, where he spoke broadly on our wheat import policies in FY2022-2023, according to Reuters and Bloomberg.We were hoping\u2026","rel":"","context":"In &quot;Commodities&quot;","block_context":{"text":"Commodities","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/commodities\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/6\/309.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\/556554","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=556554"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/556554\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/556546"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/556555"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=556554"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=556554"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=556554"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=556554"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=556554"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}