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Egypt's economy loses USD 7 billion due to Russia-Ukraine war

Before the beginning of Moscow's operation in Ukraine, Egypt had been importing 42 per cent of its grains from Russia and Ukraine, Madbouly said.
16.05.22 | Source: Hindustan times

Egyptian Prime Minister Mostafa Madbouly said on Sunday that the Egyptian economy had suffered 130 billion Egyptian pounds (USD 7 billion) in direct losses due to the ongoing Russian military operation 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 on measures to mitigate the consequences of the situation in Ukraine, adding that indirect losses of Egypt could reach some 335 billion Egyptian pounds.

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