Egypt’s finance minister in Al-Arabiya: Rising grain and oil prices negatively affect budget

Egypt’s Finance Minister Mohamed Maait expected that rising grain and oil prices globally would have a negative impact on the budget and lead to an increase in the value of subsidies.

In his interview with Al Arabiya, he added that he expects inflation rates to fall within 3 to 6 months.

He explained that it has not yet been decided to resort to international markets again, especially with the high cost of financing for Egypt.

He said the Euroclear deal is held back by tax deals and will soon be dissolved.

He stressed that international institutions are collaborating with Egypt to define executive regulations for the sukuk law, expecting the executive regulations to be completed by the end of next December, after which emissions will be determined.

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