Arab Finance: The Egyptian government has lowered its target for importing wheat from abroad this year by 17% year on year (YoY) to 5 million tons from its previous target of 6 million tons, Minister of Supply and Internal Trade Ali El-Moselhy told Asharq Business.

The government’s decision is backed by projections of a rise in domestic supplies, the minister noted.

One reason for lowering the wheat import target is raising the local supply target for the current season to 3.7 million tons from 3.5 million tons, Moselhy stressed.

The minister ascribed the rise in local wheat supplies to the elevated price of crop this year.

“So far, we have collected 3.4 million tons of domestic wheat, and we hope to achieve the new target,” Moselhy pointed out.

Egypt to boost mazut supplies to power plants by 11% in July Updated 6/27/2024 2:29:00 PM

Government postpones raising electricity prices until September Updated 6/27/2024 8:39:00 AM

Gama Construction joins consortium to import US shale gas Updated 6/27/2024 8:24:00 AM

Fertilizers prices up 54% MoM in June amid natural gas supply shortfall Updated 6/27/2024 7:56:00 AM

Egypt to start actual operation of Norway’s FSRU Hoegh Galleon next week Updated 6/26/2024 2:50:00 PM