Egypt Independent

Finance Ministry provides additional funding for wheat, petroleum subsidies

Finance Minister Momtaz al-Saeed decided to provide the Ministry of Supply and Internal Trade with LE1 billion to disburse payments to wheat farmers for imported wheat, raising the sum allocated for the same purpose to about LE4.5 billion since beginning of the importing season.

Saeed said his minister is keen on providing the necessary finances for public and economic authorities to enable them to provide citizens with basic goods, support production and boost the national economy.

The minister also stressed the necessity of putting the urgent needs of citizens at the top of public expenditures so there would not be a shortage in important subsidized goods.

On Tuesday, the minister approved providing US$100 million to the Petroleum Authority to finance importing petroleum products, which raised the ministry’s funding of the authority to US$4.2 billion.

Edited translation from Al-Masry Al-Youm