Egypt allocates 1.1 bln EGP to finance purchase of local wheat

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Egypt allocates 1.1 bln EGP to finance purchase of local wheat

STORY: Egypt allocates 1.1 bln EGP to finance purchase of local wheat DATELINE: April 5, 2022 LENGTH: 00:00:58 LOCATION: Cairo CATEGORY: ECONOMY SHOTLIST: 1. various of Ministry of Finance headquarters 2. various of wheat harvest STORYLINE: Egypt has allocated 1.1 billion Egyptian pounds (about 60.15 million U.S. dollars) to the Supply Commodities Authority and the Egyptian Agricultural Bank, as a down payment to finance the purchase of the local wheat crop. Egyptian Minister of Finance Mohamed Maet said on Monday that the government aims to supply about 6 million tonnes of local wheat this year at a total cost of about 36 billion pounds (about 1.97 billion U.S. dollars). The minister indicated that the state's general budget is capable of positively and flexibly handling the current global economic woe, pointing out that the top priority is to meet the basic needs of people and to sustain the "strategic stock" of wheat. Xinhua News Agency correspondents reporting from Cairo. (XHTV)

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