The Russia-Ukraine conflict caused… Egypt to lose 7 billion USD

In May 2021 the price of a barrel of oil was $67, now it has increased to $112, while the price of a ton of wheat last year was around $270 and now we have to buy it at $435/ tons,” explained Mr. Madbouly.

Egypt’s Prime Minister said that the economy of this country has suffered up to 130 billion Egyptian pounds ($ 7 billion) in nearly three months of Russia’s special military operation into neighboring Ukraine, Prime Minister Madbouli adds that the indirect consequences of the war in Ukraine for Egypt are estimated at more than $18 billion.

Egypt is now able to restore tourism, achieving a budget profit of $5.8 billion after the devastating Covid-19 pandemic and before the conflict between Russia and Ukraine, according to Mustafa Madbouli.

“Before, we imported 42% of grain, while 31% of tourists came from Russia and Ukraine. But now we have to look for alternative markets,” the Egyptian prime minister said.

However, the Egyptian Prime Minister said that, despite the crises related to Covid-19 and disturbances in world trade activities, Egypt is fortunate to achieve an unprecedented increase in income from the canal. Suez.

Egypt’s unemployment rate fell to 7.2% from January to March. In the previous quarter, the unemployment rate stood at 7.4%, the state statistics agency CAPMAS announced on 15/15. 5..

But the agency also reported that Egypt’s annual inflation rate rose to 14.9% in April, significantly higher than the previous month’s 12.1%.

In March, the Central Bank of Egypt raised its key interest rate for the first time since 2017, citing inflationary pressures caused by the Covid-19 pandemic and the conflict between Russia and Ukraine, which had pushed up oil prices. to a record high.