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Egypt's GASC says to meet wheat needs, has no financial problems

Source: Thomson Reuters Foundation - Tue, 29 Jan 2013 17:23 GMT
Author: Reuters
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CAIRO, Jan 29 (Reuters) - Egypt's state wheat buyer said on Tuesday that it would meet the debt-laden country's needs and did not have financial problems, adding that there were enough stocks to last until June 22.

Nomani Nomani, vice chairman of the General Authority for Supply Commodities (GASC), said state wheat stocks of the world's top importer of the grain had been enhanced since early January when they were expected to last until June 17.

"Providing the country's needs, the Egyptian citizens' needs, is a red line," he told Reuters.

Egypt is facing increasing economic and political instability, with the pound having lost more than a tenth of its value since the 2011 revolution.

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