Egypt, the world's biggest wheat importer, has 2.8 million tonnes of wheat in storage that would last for four months, cabinet spokesman Mohamed Hagazy told reporters on Tuesday after a ministerial meeting at the cabinet's headquarters.
Hagazy further said that the state will import 1.9 million tonnes of wheat until December 2011, the amount which will keep the state covered until March 2012.
Since the start of the 2011/12 fiscal year on 1 July, Egypt's state-owned wheat buyer, the General Authority for Supply Commodities (GASC), has purchased 2.34 million tonnes of Russian wheat, 180,000 tonnes of Romanian wheat and 120,000 tonnes of Kazakh wheat.
Egypt has also said it intends to double the amount of corn in subsidised bread to cut costs. It would raise the quantity of corn to 20 per cent from the current 10 per cent.
Egypt consumes around 14 million tonnes of wheat annually and imports half of its needs. It spent 33 billion Egyptian pounds on food subsidies in the fiscal year ended on 30 June, including wheat, oils, sugar and rice.