Egypt to place wheat procurement agency under presidential control

Egypt’s parliament is considering a bill to reorganize the state-run Future of Egypt Authority, known as Mostaqbal Misr, by transferring it from the Ministry of Defense to the direct control of the president. Under its new status, the authority would receive broader powers in food, water and energy security, as well as in the management of state assets.

The bill defines the authority as an entity of a “special nature” with technical, financial and administrative independence. Its stated objective is to strengthen the state’s economic capacity while taking national security, sustainability and social justice into account.

The authority is involved in land reclamation and cultivation projects, food production and wheat procurement. Critics argue that some of these responsibilities are already assigned to specialized government bodies, including the Ministry of Agriculture and Land Reclamation and the Ministry of Supply and Internal Trade.

The legislation was introduced following another review of Egypt’s economic program with the International Monetary Fund. The IMF has previously called on Egypt to expand the role of the private sector and reduce the military’s involvement in the economy. Experts say that placing the authority under presidential control would change its formal oversight without fundamentally reforming the existing economic management model.

Economists have also raised concerns about the lack of detailed information on the costs and performance of projects implemented by the authority. They warn that expanding its mandate could duplicate the work of existing ministries and restrict opportunities for private companies in agriculture, food processing and other sectors of the Egyptian economy.

Tags: Egypt, wheat, imports