Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Iranian Foreign Ministry spokesperson: No new date or venue has been set for the meeting between Araghchi and Witkoff, and no negotiations will take place until the outcome is guaranteed
Palestinian platforms: Settlers storm Al-Aqsa Mosque complex under the protection of the occupation police
Palestinian platforms: The IOF detonated a booby-trapped robot east of the al-Zaytoun neighborhood, south of Gaza City
Syrian Defense: We call on all parties in Sweida to cooperate with security forces and exercise restraint
Al Mayadeen's correspondent: The Lebanese Army is continuing its investigations and will later announce any information that does not affect the confidentiality of the investigation
Al Mayadeen's correspondent: It has not yet been determined whether the detainees belong to ISIS or another organization
Al Mayadeen's correspondent: Around 10 people of different nationalities, including Lebanese nationals, were detained
Al Mayadeen's correspondent: The Lebanese army arrested a number of people in the Matn area of Mount Lebanon with possession it has not disclosed
Gaza Civil Defense spokesman: We have strong indications that there are martyrs, injuries, and trapped people in the Salah al-Din area
Gaza Civil Defense spokesman: Citizens should avoid Salah al-Din Street because anyone who approaches it is at risk of being directly targeted

Egypt has suffered $7 bln in direct loss amid Ukraine crisis

  • By Al Mayadeen English
  • Source: Agencies
  • 15 May 2022 21:32
  • 2 Shares
3 Min Read

The Egyptian prime minister reveals how much the Egyptian economy is losing during the Ukraine war-ignited economic crisis that has affected the globe.

  • x
  • Egypt has suffered $7 bln in direct loss amid Ukraine crisis
    Egypt has suffered $7 bln in direct loss amid Ukraine crisis

Mostafa Madbouly, Egypt's Prime Minister, said on Sunday that the Egyptian economy has suffered $7 billion in direct losses due to the conflict in Ukraine. 

"The consequences of that conflict caused enormous financial spending for us, we as Egyptians should know. Today we counted that the direct impact [of the hostilities 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, noting that direct losses could reach 335 billion Egyptian pounds - or, around $18 billion.

About 42% of Egypt's grains are imported from Russia or Ukraine, and 31% of all tourists in the country are Russians and Ukrainians, according to the minister. However, Cairo has been seeking alternative suppliers of grain while attempting to attract visitors from different countries. 

Read more: Arabs fear for wheat supplies after Ukraine crisis

Ukraine and Russia, which share the Black Sea, are the world's breadbasket: they provide collectively 28% of global wheat exports. Russia and Belarus, in parallel, provide 40% of potash, an important fertilizer. Countries dependent on imports, particularly poor countries, are the first victims of this downfall as grain and corn prices are on an increase. 

Related News

Egypt, China reaffirm strategic partnership, urge Gaza ceasefire

GHF proposed 'transit areas' plan prior to Gaza residents 'relocation'

The Egyptian government has adopted some measures to reduce the negative impact of global events on the economy. The measures include strengthening the private sector and localization of industry while boosting the Egyptian stock exchange. 

"Egypt would have neither overcome the crisis caused by the coronavirus nor withstand this crisis if it was not for the program of economic reforms and the unprecedented pace of development," said Madbouly.

In March, Egypt started experiencing further inflation as the world took the impact of the deepening economic crisis which resulted from the war. 

In this case, Egypt issued a decree that regulated the prices of subsidized and unsubsidized bread. 

Cairo even rendered a three-month export ban in effect, prohibiting the import of seed and vegetable oils, corn, flour, wheat, beans, and beyond. 

Read more: How normalization with "Israel" assassinated Egypt's economy

Food insecurity

By mid-March, Egypt saw its bread prices up, which were standing at 1.50 Egyptian pounds per loaf, as costs for wheat products have been skyrocketing, affected by the crisis in Europe and supply shortages. Experts were even warning that another increase was just around the corner.

A third of the Egyptian population lives below the poverty line, meaning that price hikes on a good as essential as bread would have grave repercussions on the country's working class. The International Monetary Fund (IMF) had already advised Cairo to focus on its food security issues exacerbated by the fighting in Ukraine and the West's sanctions on Russia.

Cairo held talks with the IMF to negotiate a loan to the struggling country, but even if the funds were to make it to Egypt, the disruption of wheat supplies still constitutes a serious issue for the country.

  • Egypt
  • Ukraine
  • inflation
  • Russia

Most Read

Hezbollah SG reveals war details on Al Mayadeen for the first time

Hezbollah SG reveals war details on Al Mayadeen for the first time

  • Politics
  • 8 Jul 2025
Major ambush in Gaza kills 6 Israeli troops, injures dozens

Major ambush in Gaza kills 5 Israeli troops, injures 14

  • Politics
  • 8 Jul 2025
Israeli soldiers are seen in Beit Hanoun ahead of an operation by the al-Qassam Brigades, undated (Al-Qassam Brigades Military Media)

'Israel' on blast as media exposes report discrepancies in Gaza ambush

  • Palestine
  • 8 Jul 2025
Yemen Navy sinks ETERNITY C ship, shares footage of operation

Yemen Navy sinks ETERNITY C ship, shares footage of operation

  • Politics
  • 9 Jul 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
The Freedom Flotilla ship Handala as it departs for Gaza, where it aims to break the maritime blockade at a port in Syracuse, Sicily in southern Italy on July 13, 2025. (AFP)
Palestine

Freedom Flotilla's Handala departs Sicily in bid to break Gaza siege

The container ship CMA CGM Laperouse, left, docks at the Georgia Ports Authority's Port of Savannah, Sept. 29, 2021, in Savannah, Ga (AP)
Politics

US shipbuilding woes deepen as tariffs, outdated policies backfire

Gaza war raises ethical questions for ex-Obama, Biden officials
Politics

Mercenary firm tied to Gaza war crimes hires Obama-Biden PR operatives

'Israel' targets children in Gaza collecting water
Palestine

'Israel' strikes Gaza kids fetching water, blames it on 'malfunction'

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS