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.
