The Egyptian budget will lose $7.2 billion if oil prices remain at $122 per barrel, according to Finance Minister Mohamed Maiit, who spoke to CNBC Arabia on Sunday.
According to CNBC, Maiit stated that increasing global wheat prices and pressure on the Egyptian pound would cost the government an additional $3 billion.
Since the coronavirus outbreak drove away many visitors, international portfolio investors withdrew funds, and the Ukrainian crisis pushed up commodities import prices, Egypt has been suffering from a foreign currency deficit.
