The Egyptian Ministry of Finance has allocated an additional EGP 1 billion to Ministry of Supply and
Internal Trade to facilitate the domestic purchase of wheat, part of a total amount of EGP 4.5 billion
that will be geared towards local wheat purchases since the commencement of harvest season.
Momtaz El-Saeed, Minister of Finance, commented that the ministry is concentrating its efforts to provide
the necessary finances for the vital governmental entities to ensure the availability of strategic and
basic goods for people, support productive sectors, and accordingly boost national economy. Th
e Ministry
gives the basic goods and requirements priority in the general expenditures strategy so as to avert the
pressure of subsidized goods off the government.
The Financial Ministry also approved supplying the Egyptian General Petroleum Corporation (EGPC) with an
additional $100 for fuel importation in attempt to remedy the intermittent fuel shortage episodes that
have become very frequent recently, and avoid potential complications arising from the aftermath of such
episodes. The aforementioned amount is part of a $ 4.2 billon budget designated specifically for the
EGPC.
Ministry of Finance approves EGP 1bn for domestic wheat purchase
