CAIRO: Egypt’s Prime Minister Mostafa Madbouly has said his country is closely following the Russian-Ukrainian crisis, and expressed his wish that it be resolved soon before it escalates further.
The crisis is expected to have an impact on wheat supply to Egypt, which is dependent on both Russia and Ukraine in this regard.
Last year, nearly half of Egypt’s wheat imports came from Russia and 30 percent from Ukraine.
“Since the beginning of the crisis, we have been studying the extent of its potential impact on a number of commodities, especially wheat,” said Madbouly.
“We have sufficient reserves of wheat for a period of more than four months, and we are waiting for the start of the new season to supply local wheat for next April.”
He said the government is diversifying its sources of wheat supply from a number of countries.
During a Cabinet meeting, the effects of the crisis on oil prices and Egypt’s tourism sector were also discussed.
The government is seeking alternative markets for tourism in the event that the crisis escalates further.
Finance Minister Mohamed Maait said the rise in the prices of energy and food commodities has put more pressure on the state’s general budget. The government plans to mitigate the price rises via subsidies.