The import bill for Egyptian goods has jumped 90% in a month since the outbreak of the Russo-Ukrainian war and the subsequent surge in prices for key commodities.
This happened, according to press statements by Egyptian Finance Minister Mohamed Maite, in which he explained that “his country’s monthly imports are $9.5 billion compared to $5 billion before the war.”
Maite stated that “the increase in the bill is due to rising prices for basic commodities, primarily energy and food, in addition to the high cost of shipping and imports from international markets.”
Due to the Russo-Ukrainian War, Egypt is facing increasing financial and economic problems, prompting it to request a financial loan from the International Monetary Fund.
He pointed out that “after the spread of the Corona pandemic, the Ukrainian crisis occurred, which led to a rise in the price of a barrel of oil, which reaches $120 per barrel, while Egypt imports 120 million barrels worth $7.2 billion. , with an additional burden of two billion dollars.” He added: “We import 12 million tons of wheat, including 6 million from the private sector and 6 million from abroad, thus becoming Egypt’s number one wheat importer in the world.”
The minister expected: “The world’s revenues are 1.518 trillion pounds ($82 billion), expenditures are 2.071 trillion pounds ($112 billion), and the financial deficit is 588 billion pounds ($31.8 billion).”
Source: El Iktisad
