Egypt seeks budget restructuring amid Russia-Ukraine crisis

Egyptians walking in supermarket aisle [photo: Reuters]

Egypt is seeking help from the IMF, following its struggles amid the war in Ukraine.

This is as as result of Egypt’s heavy reliance on Ukraine for grains.

Moreover, Egypt is a great importer of wheat from Ukraine and Russia.

Currently, Egypt is imposing a fixed price for unsubsidized bread. It seeks to control rising food prices due to the disruption to the wheat supply.

Additionally, the tourism sector is suffering a setback from two years of Covid-19 related problems.

Nevertheless, the International Monetary Fund is praising the recent economic relief measures by the the Egyptian authorities.

In a statement, the Cabinet says he program, which comes in light of the Russia-Ukraine crisis’s impact on global economy, may include additional funding for Egypt.

This is in addition to the significant negative economic repercussions of the Russian-Ukrainian crisis.

The Egyptian state’s priorities during the current period is in the rapid adoption of various policies and measures that guarantee the stability of the economic and financial conditions of the country,” Cabinet Spokesman Nader Saad said.

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