Egypt’s economy has sustained losses of up to 130 billion Egyptian pounds ($7 billion) amid the Ukrainian crisis, according to the country’s Prime Minister Moustafa Madbouly, as quoted by TASS.
“The aftermath of the war has placed a huge financial burden on us and we have invested 130 billion pounds to cover rising prices for strategic goods,” Madbouly said on Sunday, pointing out that the indirect consequences of the events in Ukraine are estimated at another over $18 billion.
According to the PM, the current conflict between Russia and Ukraine has sent prices for vital produce soaring, having posed enormous challenges to the Egyptian economy.
“In May 2021, the price of a barrel of oil was $67, now it has reached $112, while a ton of wheat cost $270 a year ago, now we pay for the same volumes based on a price of $435 per ton,” Madbouly explained.
“Previously, we had imported 42% of grain, while 31% of tourists were from Russia and Ukraine, and now we have to look for alternative markets.”