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Egypt’s Finance Minister: External crises exerting pressure on the country’s economy

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Egyptian Finance Minister Mohamed Maait said his country’s economy has been under a lot of pressure over the past few years, including the coronavirus crisis and the fallout from the Ukraine crisis, stressing that the pressure comes from external crises.

Maite added during televised statements on Monday night that the Corona crisis had affected the Egyptian state’s revenues, noting that during this period the state was under pressure in hopes of rebuilding the global economy after the introduction of a vaccine against the virus, but a mistake occurred.

The treasury minister explained that the mistake was that large countries with trillions in financial capacity were printing money in the form of checks house to house during the Corona period for two years, and this created a problem after that.

And the minister pointed out that with the return of citizens to normal life and work, there was a wave of inflation and supply chain disruptions because factories were not operating at full capacity, which created liquidity that did not match demand, in addition to the desire of merchants to compensate for the losses they suffered in period of the Crown.

He pointed out that this was followed by the Ukrainian crisis, which raised prices for oil products and food, which greatly increased the cost of imports for the Egyptian state.

Source: Egyptian site “Cairo 24”.

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