Bulgaria capitals

Bulgaria to spend 560 million euros to increase grain reserves

SOFIA (Bulgaria), March 9 (SeeNews) – Bulgaria will spend 1.1 billion levs ($617 million/€562 million) to buy grain to boost state reserves, it was announced on Wednesday the government.

The funds will be made available through a capital increase of the public agricultural company Sortovi Semena-Elit and are intended to guarantee the country’s food security through state intervention in grain markets, the official said. government in a statement.

Speaking at a press conference earlier in the day, Finance Minister Asen Vasilev said they would go buy wheat, sunflower seeds and corn.

Grain will be purchased at market prices on the Sofia Commodity Exchange, Agriculture Minister Ivan Ivanov said at the same press conference.

Bulgaria has 3 million tonnes of wheat, of which 300,000 tonnes constitute state reserves, Vasilev was quoted by the Darik News news agency as saying. The government will buy 1.1 million tons of grain and there are no problems regarding storage, which is available for 14 million tons, Vasilev said. There will be ample space to store the new grain harvest, which is estimated to be between 7 and 8 million tonnes, he added.

Bulgaria’s government last week said it would buy grain from local producers to ensure people’s needs were met, as the ongoing Russian attack on Ukraine is driving up prices.

Unlike other Southeast European countries like Serbia and Moldova, Bulgaria has not banned grain exports.

(1 euro = 1.95583 levs)