High oil, wheat prices to burden Egypt with over $10 billion, finance minister says

• The Egyptian budget will lose $7.2 billion if oil prices remain at $122 per barrel, according to Finance Minister Mohamed Maiit.
• Increasing global wheat prices and pressure on the Egyptian pound will cost the government an additional $3 billion.
• Egypt has been suffering from a foreign currency deficit.

The Egyptian budget will lose $7.2 billion if oil prices remain at $122 per barrel, according to Finance Minister Mohamed Maiit, who spoke to CNBC Arabia on Sunday.

According to CNBC, Maiit stated that increasing global wheat prices and pressure on the Egyptian pound would cost the government an additional $3 billion.

Also Read

Egypt denies jailed dissident on hunger strike

Egypt's interior ministry says it has a video of imprisoned dissident Abdel...

Since the coronavirus outbreak drove away many visitors, international portfolio investors withdrew funds, and the Ukrainian crisis pushed up commodities import prices, Egypt has been suffering from a foreign currency deficit.

Also Read

Egypt’s private sector continued to decrease in May, owing to rising prices

Non-oil private sector activity in Egypt contracted for an 18th month in...