Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Official: Egypt Can Absorb Global Economic Shocks


Mon 20 Mar 2023 | 03:01 PM
Ahmed Moamar

Dr. Ibrahim Ashmawy, First Assistant of Minister of Supply& Internal Trade, said that the Egyptian state can absorb global economic shocks and was able to maintain safe reserves of strategic commodities, expand supply chains and raise their efficiency, and maintain diversity of supplies from more than one country.

He indicated, during a telephone conversation on the "Hazrat Citizen-Sir Citizen " program, with the journalist Sayed Ali, that the state's ability to provide funds and the competence to make goods available to citizens without exaggeration.

Dr. Ashmawy stated that Egypt has up to 3.3 months of reserves of wheat, and two ships came from Ukraine carrying 120,000 tons, along with wheat came from Romania and Bulgaria.

Ashmawy mentioned that the International Cereals Agreement began in 1986 and 85 countries joined it, including Egypt, which joined in 1995.

He added that Egypt experienced nearly 28 years, as the major importer of grain.

But in 2008, after the global economic problems, the role of those in charge of the agreement did not play the role assigned to intervene in the market and provide grain to the importing countries, so Egypt decided to exit the agreement.