Egypt's Prime Minister holds meeting to increase strategic reserves of essential goods

The meeting with Prime Minister Mostafa Madbouly was attended by key officials. This is reported by Daily News Egypt, a partner of TV BRICS. Madbouly emphasised the importance of maintaining sufficient stocks of essential commodities and creating a strategic reserve. This reserve, according to the prime minister, will allow the state to stabilise prices and prevent manipulation of commodities such as wheat, oil, sugar, maize and others.

Madbouly assured the meeting that the banking system is ready to provide the necessary funds to strengthen the strategic reserves. He also emphasised the importance of having adequate storage facilities to accommodate these large reserves.

The Minister of Supply and Internal Trade, Ali Moselhi, presented concrete plans to provide strategic reserves of essential commodities. He specified that contracts for sugar have already been signed, with deliveries scheduled in sequence.

Regarding wheat, Ali Moselhi emphasised that Egypt is currently entering the harvest and supply season for wheat, and is experiencing an exceptional level of supply, exceeding the last three years. He added that there are already significant stocks of this vital commodity.

Moselhi further elaborated on efforts to secure strategic oil reserves. He referred to meetings held with relevant officials and confirmed that there were significant existing stocks. On maize and soya beans, the Minister mentioned similar meetings with suppliers and traders.

He explained the establishment of a monitoring network to track the stock levels of maize and soya beans and to facilitate the continuous increase in stocks. Much of these commodities have also been imported for storage.

Minister of Agriculture and Land Reclamation, El-Sayed El-Quseir, clarified that the future needs of the population have been identified and efforts are being made to establish a strategic stock reserve.

The meeting also discussed ensuring sufficient quantities and appropriate prices in different markets to meet the needs of citizens.

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