Higher oil, wheat costs to load Egypt with about $ten billion, finance minister claims

A standard watch of the metropolis right after significant rainfall, in Cairo, Egypt, January 26, 2022. REUTERS/Amr Abdallah Dalsh

June twelve (Reuters) – Oil costs being at $122 for each barrel will expense the Egyptian spending plan $seven.two billion, Finance Minister Mohamed Maiit explained to CNBC Arabia on Sunday.

Maiit stated that increased world wide wheat costs and stress on the Egyptian pound would load the federal government with an more $three billion, CNBC noted.

Egypt has been struggling from a lack of international forex due to the fact the coronavirus pandemic chased absent several vacationers, intercontinental portfolio buyers withdrew money and the Ukrainian disaster pushed up commodity import costs.

Reporting by Omar Fahmy, Crafting by Nayera Abdallah, Modifying by Catherine Evans

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