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Higher wheat, oil prices may cost Egypt over $10B: Maait

Higher wheat, oil prices may cost Egypt over $10B: Maait

Arab Finance: Elevated wheat prices to a record-high, coupled with pressures on the Egyptian pound, is expected to cost Egypt $3 billion in additional burdens, Minister of Finance Mohamed Maait said in an interview with CNBC on June 12th.

The anticipated additional cost will include $1.5 billion in burdens to the general budget, while $1.5 billion will be shouldered by the private sector, Maait said.

The minister noted that maintaining the oil price at $122 per barrel would cost the budget $7.2 billion.

As for the new program with the International Monetary Fund (IMF), Maait said that the program will involve structural reforms that promote the competitiveness of the investment climate and attract new investments.

On June 2nd, Minister of Supply and Internal Trade Ali Moselhi revealed that the Egyptian government is in talks with India over a potential swap deal, upon which it could import wheat from the south Asian country in exchange for fertilizers exports.

 

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