Egypt

Egypt invests $7 billion to cover the high prices of strategic commodities and losses exceed $18 billion

Egypt invests $7 billion to cover the high prices of strategic commodities and losses exceed $18 billion – 

Egyptian Prime Minister Mostafa Madbouly said in a press conference that the country’s budget was seriously affected by the Ukrainian crisis.

“The consequences of the war have imposed a huge financial burden on us, and we have invested 130 billion Egyptian pounds ($7 billion) to cover the high prices of strategic goods,” he said.

According to the Prime Minister, the indirect consequences of the crisis are initially estimated at more than $18 billion.

Madbouly announced: “In May 2021, the price of a barrel of oil was $67, now it has reached $112, and the price of a ton of wheat was $270 a year ago, and now we pay the same quantities based on the price of $435 per ton.”

Previously, we imported 42% of grain, 31% of tourists were from the Russian Federation and Ukraine, and now we are looking for alternative markets.

He added that shortly before the Ukrainian crisis, Egypt managed to restore the tourism sector after the Corona virus pandemic, and budget revenues amounted to $5.8 billion.

Madbouly explained the government’s goal of reducing public debt from 85.8% to 75% and reaching the level of stability while maximizing exports in a number of sectors of the economy.

The Prime Minister said: “The recent crisis taught us to reduce imports and accelerate the localization of production, and during the last period we issued 51,000 licenses for the activities of medium and large enterprises.”

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