18.
06.15
12:32

Egypt's cereal intervention a success?

On Monday, the intervention of locally produced grain ended up in Egypt. Overall, 5,345 million tons of wheat were involved, the Egyptian supply Minister told Reuters today announced. Thus, the target to 5.3 million tonnes of local wheat at subsidized prices was achieved much earlier than planned. Last year, only 3.7 million tons were offered under this programme.
Egypt, the world's largest importer of wheat of world market, had scheduled the local procurement price well above the world market price, which then led to the quick success of the program. Thus, the farmer to the self-sufficiency of the country should be suspended. This year, Egypt has let the program cost is $ 1.3 billion. Paid prices were approximately 168 USD to 200 USD than the prices on the international market.
Critics contend that high prices encourage the smuggling of foreign wheat, then ends up as a domestic in the intervention.

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