Egyptian Minister of Supply and Internal Trade Sherif Farouk told Al-Masry Al-Youm, on the sidelines of the annual conference of the Insurance Federation in Sharm el-Sheikh, on Sunday, that the International Monetary Fund (IMF) will not impose any conditions – or a specific direction – on the government regarding subsidizing.
He said that this is the state’s plan that it prepared within the economic and social reform program, and was approved by the IMF.
Regarding the appropriateness of the time to implement the decision that the government intends for a shift in subsides, the Minister explained that the decision is determined by technical studies and the outcomes of the National Dialogue and the House of Representatives.
Farouk said that the issue of shifting from in-kind support to cash support with regard to ration cards is being discussed by experts from inside and outside the ministry.
He added that the discussion is occurring within the House of Representatives and the National Dialogue, and there is no premeditated intention from the state in this regard, assuring that “We will choose the best for the benefit of the citizen to implement it.”
The shift is linked to global prices, inflation, changes, etc., which are the input elements of the study that is also being conducted amongst experts, whether from within or outside the ministry.
Wheat imports on the way
Farouk added that a deal is currently underway to import 430,000 tons of wheat from Russia as part of the state’s drive to diversify origins and open the door to suppliers from around the world, whether Europe or elsewhere.
“This is an approved approach and we have not deviated from it,” he said.
“We concluded a deal a few days ago to import wheat from several origins from Portugal, Romania, Ukraine, and Russia, and our wheat balance is secure and the reserve is sufficient to cover five months, and from the total basic commodities six months,” he concluded.
Farouk stressed that increasing storage capacity through investment in silos is a presidential directive.
“We are now exceeding 3.4 thousand tons, and we have a direction to reach 6,000 tons of storage, and very soon in 2025 we will reach 5,000 tons, and we will open a new silo in Port Said before the end of this year,” he stated.
Edited translation from Al-Masry Al-Youm
