Egypt has strategic stocks of wheat sufficient to cover its needs for 4 months and will not need to enter the international grain market until the end of the year, Prime Minister Mostafa Madbouly said, Arab News reported.

Egyptian Supply Minister Ali Al Moselhi also said there was no need for any additional wheat imports in the short to medium term.

According to Madbouly, the government is stepping up work to secure a strategic reserve for key commodities, especially wheat.

The government is closely monitoring current events at the global level and the unrest in connection with the Russian-Ukrainian crisis and its consequences especially the shortage of a number of goods and rising prices around the world,' he noted.

Last year, Russia accounted for 69.4% of Egypt's wheat imports, while Ukraine accounted for 10.7%.

Finance Minister Mohamed Maait said earlier that rising wheat prices on world markets would increase the cost of Egypt's imports of the commodity.

Cabinet spokesman Nader Saad said Egypt was working on a plan to import wheat from other regions instead of Russia and Ukraine. He added that Egypt has 14 countries that are allowed to supply wheat.

Egypt is the largest importer of wheat in the world. The government expects wheat imports to decline from 5.5 million tons in 2021 to 5.3 million this year due to rising domestic production.