Egypt: losses from Ukrainian crisis were calculated

The Prime Minister of Egypt Mustafa Madbuli said at a press conference that the country’s budget was seriously injured as a result of the Ukrainian crisis, TASS reports.

“The consequences of the war laid a huge financial burden on us, and we invested 130 billion (Egyptian pounds – $ 7 billion) to cover the growth of prices for strategic goods,” he said.

According to the prime minister, the indirect consequences of the crisis are pre -estimated for the amount of more than $ 18 billion.

“In May 2021, the price of a barrel of oil was $ 67, now it reached $ 112, a ton of wheat a year ago cost $ 270, now we pay for the same volumes based on a price of $ 435 per ton. We used to import 42% of the grain, and 31% of tourists were from the Russian Federation and from Ukraine, and now we are looking for alternative markets, ”Madbuli announced.

He added that shortly before the Ukrainian crisis, Egypt was able to restore his tourist sphere after the pandemic of coronavirus, the budget revenues amounted to $ 5.8 billion

Madbuli outlined the goal of the government to reduce public debt from 85.8% to 75% and access to the level of stability when maximizing exports in a number of economics sectors.