Egypt's Ministry of Supplies on Sunday dismissed allegations that its wheat procurement figures were inflated and promised penalties for domestic suppliers that misreport stocks. The ministry announced a government-led inspection of wheat silos this month after an unusually high procurement figure prompted widespread fraud allegations from top industry officials, traders and parliamentarians.
The world's biggest importer of the grain said it had ended its local procurement this month with nearly 5 million tonnes of wheat from its farmers, markedly higher than the 3 million to 3.5 million tonnes a year delivered over the past decade.
If the numbers were misrepresented, Egypt may have to buy more foreign wheat to meet domestic demand while contending with a dollar shortage that has already sapped the country's import capability.
Comments
Comments are closed.