President El-Sisi’s Speech on Commodity Reserves and Subsidies for Rice and Wheat in Egypt

Written by Mohamed Abdel-Maguid and Ibrahim Hassan

Wednesday, June 14, 2023 12:37 PM

President Abdel-Fattah El-Sisi was keen to address the Egyptian people during his visit to the village of Al-Abadia in Al-Buhaira Governorate, and sent a message to the farmers, saying: “The rice that I buy from you goes to supply … and the supply touches 70 million Egyptians, and farmers, when they had a better opportunity, sold it! Even though I used to take rice and sell it subsidized”.

With regard to wheat, President El-Sisi said in his speech: “Production in Egypt can remain 8, 9, or 10 million tons.. Someone tells me that we are in the countryside. We have wheat at home that we use for special occasions.. What we have taken so far is 3.5 million tons. There are 6.5 million tons in homes. Well, people’s bakeries sell to all people. A loaf costs 80 piasters, and I sell it for 5 piasters.

President El-Sisi stressed that he is keen that the commodity reserve is not less than 5 or 6 months, saying: “We were keen on the reserve not being less than 5 or 6 months, meaning the balance of rice, wheat, oils, meat and poultry is not less than 6 months so that there is no crisis, and I would have taken wheat.” At the price I said and gave it to people, it is subsidized by 5 piasters, and if today I did not find this demand, it is found in the 10 million tons in Egypt, I will have to buy from abroad, and this issue will have a great impact on prices in Egypt because of the dollar .. All my bill is in dollars in Increasing, there will be a burden on the economy.”