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Thursday, Aug 11, 2022

Al-Fadhli: Saudi food security entities allocate SR10 billion to address rising global prices

Al-Fadhli: Saudi food security entities allocate SR10 billion to address rising global prices

Minister of Environment, Water, and Agriculture and Chairman of the Food Security Committee Abdulrahman Al-Fadhli announced on Wednesday that the Saudi government entities concerned with the food security system have allocated around SR10 billion to address the effects of rising global prices.
He said this while addressing the periodic meeting of the Food Security Committee. Al-Fadhli pointed out that the Saudi Grains Organization (SAGO) allocated a total of SR4.5 billion in its budget to support the strategic inventory of wheat and barley as well as compensate importers.

In addition, a sum of SR4.2 billion was allocated in the Agricultural Development Fund’s (ADF) budget to lend the private sector to finance contracts that cover the Kingdom’s needs for a period of no less than six months of the main commodities, including corn, barley, and soybeans. Also, an amount of SR800 million was provided as additional support for the subsidies presented to breeders and producers, the minister added.

The committee meeting reviewed the latest developments regarding food security. It noted an abundant quantity of food commodities in the local market as well as the volume of stocks, and local and external supply chains in light of global markets’ developments against the backdrop of the Russia-Ukraine crisis.

The committee said in a statement that it is working continuously to follow up on implementing the leadership’s directives to ensure abundant supply, enhance the local stock of basic food commodities and support their continuity in the Kingdom’s markets, which are characterized by their safe and reassuring situation.
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