The Cabinet Media Center posted a report that included infographics on Friday shedding light on Egypt’s success in securing the strategic stock of commodities despite the negative repercussions of the coronavirus crisis on the local and global markets.
Egypt outlined well-studied mechanisms and plans to manage the strategic stock of commodities according to the best standards and international practices to meet the citizens’ needs across the country, a matter that overcame the negative ramifications of the coronavirus crisis.The report reviewed contracts of the most important commodities from March 2020 to July 2021, with a total contract value of EGP 52.5 billion, including EGP 30 billion for purchasing 7.2 million tons of wheat.
Egypt also contracted to buy 994,000 tons of imported and local cooking oil at a cost of EGP 16.2 billion as well as 365,500 tons of local rice at a cost of EGP 2.4 billion.The country managed to diversify sources of its imported commodities as it imported wheat from Russia, Ukraine, France, and Romania and beans from Australia and England.
The report mentioned the stability of the inflation rate during the coronavirus period, recording 4.4% in Q1 of 2021, 5.2% in Q4 of 2020, 3.8% in Q3 of 2020, 5.4% in Q2 of 2020, and 5.9% in Q1 of 2020.It also highlighted the State’s efforts to establish strategic warehouses, saying seven strategic warehouses are being established across the country at a cost of EGP 30 billion.
Source: State Information Service Egypt