CAIRO: Egypt’s Minister of Supply has stated that wheat reserves in the north African country are sufficient for seven months.
Economically, Egypt and the International Monetary Fund are discussing remaining points in negotiations over a new extended fund facility, with talks making good progress, the finance minister said.
Economy
Egypt and the International Monetary Fund are discussing remaining points in negotiations over a new extended fund facility, Reuters reported citing the Finance Minister Mohamed Maait.
Maait added: “The talks are ongoing, they made very, very good progress, we are discussing the remaining points.”
Wheat reserves
Egypt’s Minister of Supply has stated that wheat reserves in the north African country are sufficient for seven months, Alarabiya reported.
Ali El-Moselhi also indicated that the sugar stock will also last over seven months, noting that this will be followed by the start of the harvest season of the beet and cane crops.
This comes as the Russian invasion of Ukraine has disrupted grain shipments and led to a rapid increase in primary commodities’ prices, which caused a financial crisis for the world’s largest importer of wheat.
TotalEnergies
TotalEnergies has sold a 50 percent stake in its fuel-distribution business in Egypt to the retailing unit of Abu Dhabi National Oil Co. in a $186 million deal, plus additional payments of as much as $17.3 million if certain conditions are met.
TotalEnergies’ business in the north African country has 240 fuel retail stations, as well as wholesale fuel, aviation fuel and lubricants operations, according to Bloomberg.
