Egyptian Finance Minister Mohamed Maait stated that the whole world is witnessing an increase in oil and natural gas prices, in addition to rising prices for raw materials such as wheat and oil. He noted that there is significant global turmoil due to energy prices and the imbalance between supply and demand, which has, of course, affected prices in Egypt.
In statements made yesterday, he emphasized that Egypt is one of the largest wheat importers in the world, along with importing butane gas and cooking oil, and therefore will be impacted by changes in global prices, especially with the increase in shipping costs. He pointed out that the recovery phase from the COVID-19 crisis is witnessing a rise in demand without balance with supply.
He mentioned that Egypt's annual wheat import volume is 8 million tons, while its oil import volume reaches 120 million barrels, confirming that some countries are economically suffering due to the COVID-19 crisis.
The Egyptian minister explained that the impact on some countries due to gas supply issues has affected the availability of food commodities. He added, "Egypt managed to confront the COVID-19 crisis, and we are prepared to deal with the upcoming situation," assuring that food and strategic commodities are available in Egypt with a safe reserve.
Regarding Egypt's membership in the historical tax agreement, Maait stated that his country would benefit from this historic agreement that resolves many problems, noting that Egypt’s opinion was heard during the discussions preceding the agreement. He mentioned that the agreement opens the door to securing nations' rights to profits from multinational companies, adding, "The previous situation was unfair."
The Egyptian Finance Minister emphasized that economies are measured by their resilience during crises, indicating that the Egyptian economy successfully navigated the COVID-19 pandemic thanks to economic reforms.
Concerning the 16% increase in tax revenues, Maait said, "In short, we are seeking to promote tax justice through the automation of collection procedures," noting that 2,800 cases of tax evasion were detected, totaling 1.25 billion Egyptian pounds. He continued, "On June 30th, we will inform everyone about their commercial transactions, thanks to automation measures."
