High Oil, Wheat Prices To Burden Egypt With Over $10 Billion, Finance Minister Says

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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