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Egypt Boosts Local Wheat Purchase Budget by 1 Billion Pounds

June 21 (Bloomberg) -- Egypt allocated another billion Egyptian pounds ($166 million) to finance domestic wheat purchases and an additional $100 million for fuel, Finance Minister Momtaz el-Saieed said in an e-mailed statement today.

The funds for fuel raised to $4.65 billion the amount given to the Egyptian General Petroleum Corp., el-Saieed said today. He didn’t say over what period the funding had been provided. The ministry had allocated about 8.5 billion pounds for local wheat purchases through June 21, he said.

The ministry also took “urgent measure” to ensure other commodities are available, according to the statement.

While the government had budgeted 40 billion pounds for fuel subsidies from December through May, the actual outlay amounted to 59 billion pounds, Prime Minister Kamal el-Ganzouri told journalists last month.

To contact the reporter on this story: Abdel Latif Wahba in Cairo at alatifwahba@bloomberg.net.

To contact the editor responsible for this story: Andrew J. Barden in Dubai at barden@bloomberg.net.

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