Reuters — Iraq will allocate US$100 million to urgently purchase wheat and create a strategic reserve by importing three million tons of the grain, the commerce minister said in a statement on Monday.
“The ministry has a plan to achieve food security for citizens and to address the global rise in food prices due to the recent crisis between Russia and Ukraine,” the statement quoted minister Alaa al-Jubouri as saying.
Iraq, a major grain importer, said it has taken urgent measures to secure strategic stocks of wheat and support a local food subsidies program.
Latest steps include increasing the price for procuring wheat from local farmers to 725,000 dinars (C$636) per ton for the upcoming marketing season, versus up to 560,000 dinars in the previous season.
— Reporting for Reuters by Moayad Kenany; writing by Ahmad Elhamy.
