Egypt to allocate $4.1 bln for food subsidies in 2023/24

Egypt is allocating 127.7 billion Egyptian pounds ($4.14 billion) for its sprawling food subsidy programme out of a 3 trillion pound budget for the financial year starting on July 1, a document seen by Reuters on Tuesday showed.

Egypt, a nation of 105 million people, is one of the world's biggest wheat importers and also relies on imports of other basic foods and fuel.

The finance ministry estimated Egypt would need 8.25 million tonnes of wheat in the coming financial year and budgeted for an oil price of $80 per barrel of Brent crude, the document, a financial statement attached to the draft budget approved by parliament, said.