Govt plans to increase supply of basic commodities

The Ministry of Investment has approved a state-run plan to increase the supply of basic commodities in a bid to control rising prices.

The plan includes the development of state outlets. The ministry will publish the prices of commodities sold at the outlets on a weekly basis, sources said. 

Minister of Trade Rachid Mohamed Rachid, also currently in charge of the Investment Ministry, said the plan intends to double the supply of basic commodities by limiting the variety of products supplied to 200, instead of 3000.

At a press conference yesterday, Rachid said consumer protection agencies have determined 18 basic commodities–including rice, sugar and oil–that must be prioritized.

An official report produced by the Food Industries Holding Company revealed that the company will inject around LE19.5 million in investments in the current fiscal year to develop the three companies responsible for state outlets.

The Ministry of Agriculture, meanwhile, has finalized a plan to increase the production of wheat in the coming season and to achieve 75 percent wheat self-sufficiency by 2017, according to Minister of Agriculture Amin Abaza.

Abaza said the plan intends to encourage farmers to grow wheat, with the total amount of land growing wheat targeted to reach 3.25 million feddans.

The Ministry of Agriculture also reportedly submitted a proposal to raise the minimum supply price of one ardeb of wheat to LE320–LE70 higher than last year.

The Ministry of Social Solidarity said it has received 2991 tons of maize and returned another 1000 sacks that were unfit for human consumption.

Minister of Social Solidarity Ali al-Moselhi said the government is committed to purchasing maize from farmers at the declared prices, which range between LE240-250 per ardeb.

Translated from the Arabic Edition.

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