Supply and Internal Trade Minister Ali Moselhi said the directives of President Abdel Fattah El Sisi to increase the strategic stocks of basic commodities, particularly wheat, from three months to six months helped Egypt counter the repercussions of Covid-19 and the Ukrainian-Russian crises.

In an interview with MENA Editor-in-Chief and Board Chairman Ali Hassan, the minister said the National Project of Silos has provided protection for Egypt during Covid-19 pandemic and Russian-Ukrainian crisis, calling for reviewing news circulated during this period claiming that Egypt will face a food crisis.

The minister pointed out that an amount of $1.8 billion has been provided before launching the economic reform program to back the strategic stock of basic commodities in Egypt.

The ministry works on restructuring the systems of internal trade and establishing logistics zones and special trading centers, he said.

The minister explained that the National Strategy for Intellectual Property, launched by Egypt, aims to protect innovative and creative Egyptians.

Egypt has self-sufficiency of rice and poultry and safe stock of strategic commodities, he reiterated.

Egypt also works on exporting additional quantities of sugar, he noted.

He stressed that Egypt unprecedentedly has surplus of wheat sufficient for 6.6 months.

As many as 500,000 new families have been enlisted in Takaful and Karama program, the official further mentioned.

The number of ration cards’ beneficiaries hit 64 million citizens at a cost of EGP 36 billion a year, the minister said.

The minister pointed out that the state also backs 400,000 families supported by some NGOs.

He stressed that there is no price rise of bread despite the global crisis.

The State approved the allocation of EGP5.5 billion in the budget to increase subsidized commodities of ration cards in the coming six months.

He said the supply ministry adopts a plan to develop the production of vegetable oils and establish three complexes for upgrading oil production levels in Egypt.

The minister added that Egypt has sufficient stocks of oil, rice and frozen poultry, stressing that the ministry exerts great efforts to control the markets.

Source: State Information Service Egypt