Home Energy High Oil, Wheat Prices to Burden Egypt with over $10bn – Minister

High Oil, Wheat Prices to Burden Egypt with over $10bn – Minister

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Mohammed Maiit, the Egyptian minister of finance has said that the high prices of oil which presently stand at $122 per barrel will cost the Egyptian budget $7.2 billion.

 

Maiit told CNBC Arabia on Sunday that higher global wheat prices and pressure on the Egyptian pound would burden the government with an additional $3 billion, CNBC reported.

 

Egypt has been suffering from a shortage of foreign currency since the coronavirus pandemic chased away many tourists, international portfolio investors withdrew funds and the Ukrainian crisis pushed up commodity import prices.

 

 

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