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

A general view of the city after heavy rainfall, in Cairo, Egypt, January 26, 2022. REUTERS/Amr Abdallah Dalsh

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June 12 (Reuters) – Oil prices staying at $122 per barrel will cost the Egyptian budget $7.2 billion, Finance Minister Mohamed Maiit told CNBC Arabia on Sunday.

Maiit said 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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Reporting by Omar Fahmy, Writing by Nayera Abdallah, Editing by Catherine Evans

Our Standards: The Thomson Reuters Trust Principles.

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