Following the war in Ukraine, Egypt now depends mostly on Russia for its wheat. Four grain traders told Reuters on condition of anonymity that delays in payments for state-purchased wheat - considered a top priority commodity - were unprecedented as they were stretching to months. In recent years most imported wheat has come from the Black Sea and the war in Ukraine initially disrupted purchases. The Ukraine war delivered a broad shock to Egypt's economy, causing investors to pull out billions of dollars. Unpaid suppliers have also continued selling wheat at competitive prices despite not receiving payments for older cargoes.

Source: The North Africa Journal May 26, 2023 02:49 UTC