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Egypt Wheat Stockpiles at 5 Million Metric Tons, Mena Reports

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June 24 (Bloomberg) -- Egypt’s strategic wheat stockpiles total 5 million metric tons, enough to cover the country’s needs for six months, the state-run Middle East News Agency reported, citing Supply Minister Gouda Abdel Khaleq.

The Finance Ministry allocated 8.5 billion Egyptian pounds ($1.4 billion) to the purchase of wheat from local farmers, the agency, known as Mena, cited Abdel Khaleq as saying.

The increase in the quantity and the quality of the domestic wheat harvest decreases dependence on imported grain and eases pressure on the budget, Abdel Khaleq said.

To contact the reporter on this story: Ola Galal in Cairo at ogalal@bloomberg.net

To contact the editor responsible for this story: Claudia Carpenter at ccarpenter2@bloomberg.net

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