PM: Egypt lost $7bn due to war in Ukraine

The Egyptian economy has suffered 130 billion Egyptian pounds ($7 billion) in direct losses due to the Russian war on Ukraine, Prime Minister Mostafa Madbouly said yesterday.

“We counted that the direct impact [of the war in Ukraine], which is already felt and will be felt as a result of the increase in strategic goods prices… is 130 billion Egyptian pounds [on a year-to-year basis],” Madbouly told a press conference.

The Egyptian premier added that since the beginning of the year, Cairo has lost nearly $20 billion in investments, however, the country has succeeded in securing $12 billion in investments and deposits from Gulf countries.

Egypt is currently in negotiations with the International Monetary Fund (IMF), he said, adding that “within a few months the new programme will be under implementation.”

In March, Egypt said it was negotiating with the IMF about possible financing, as well as technical assistance to face the economic repercussions of the Russian war on Ukraine.

Egypt is the world’s biggest wheat importer, bringing in about 60% of its grain from overseas. Russia and Ukraine accounted for 80% of the country’s imports last year, according to the Guardian.

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