UPDATE 1-Egypt’s wheat reserves are enough for more than 5-1/2 months, PM says

(Adds context, quote)

CAIRO, Oct 9 (Reuters) – Prime Minister Mostafa Madbouly said on Wednesday that Egypt had sufficient wheat reserves for more than 5-1/2 months and was building up reserves as a precautionary measure as regional tensions escalate.

He said there were questions about Egypt seeking more than 3 million tons of wheat, but all was part of a worst case scenario plan to cover needs in a country often considered the world’s largest wheat importer.

Sources

told Reuters this month

that the state grains buyer (GASC) has struck one of its largest ever direct wheat deals for monthly supplies from November to April, totalling up to 3.12 million tons over the period.

“We were asked why are you talking about needing more than 3 million of wheat, I am announcing a yearly plan and taking steps according to that to be cautious,” Madbouly said.

He added that the government is trying to stock up reserves for any possible worst case scenarios after fighting intensified between Israel and Hezbollah group in Lebanon while fears amounting for a possible Israeli attack on Iran in retaliation for its missile attack.

“I am taking into account the worst case scenarios… we have needs, certain quantities the state would manage,” Madbouly added. (Reporting by Nayera Abdallah; Editing by Mark Potter and David Gregorio)

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