FAS Cairo estimates that current wheat stocks (domestic production plus imports) are sufficient to carry Egypt through January 2014. Saudi and Gulf States’ aid commitments have been instrumental in stabilizing the Egyptian Pound, improving the country’s ability to pay for vital food and fuel imports on average amounting to roughly $2 billion per month. Egypt’s economic recovery remains elusive; concerns with security and curfews are causing logistical delays.
Executive Summary:
Most press sources and observers report that Egypt’s political crisis is deflating hopes for a quick economic recovery. With the $12 billion in financial aid pledged in July 2013 (i.e., loans, grants, and fuel shipments) from Saudi Arabia and other Gulf allies opposed to the Muslim Brotherhood, Egypt’s
financial collapse was averted. Aid commitments have been instrumental in stabilizing the Egyptian Pound, improving the country’s ability to pay for vital food and fuel imports on average amounting to roughly $2 billion per month. FAS Cairo estimates that current wheat stocks (domestic production plus
imports) are sufficient to carry Egypt through January 2014. Since July 2, Egypt’s Ministry of Supply and Internal Trade (MoSIT) – General Authority for Supply Commodities (GASC) has bought more than 1 million metric tons (MMT) of wheat, mostly from the Ukraine and Romania.
