Related Articles
Mai Ghandour – Ahram Online
“The European Union will provide Egypt with a grant worth €100 Million in response to the surging food prices on the heels of Russia’s war on Ukraine”, EU Ambassador Christian Berger said in a statement on Wednesday.
“The EU stands by its partners in these difficult times of economic ordeal caused by the Russian aggression”, Berger said in the statement.
Last month, Egypt officially requested support from the International Monetary Fund (IMF) to implement the country’s comprehensive economic programme. The IMF programme would offer a new financing support to Egypt amid the ongoing global crisis.
“Egyptian dependence on food imports has exacerbated problems associated with food subsidies, including state spending deficits and the depletion of foreign exchange reserves”, a study by the Forum for Development and Human Rights (FDHRD) revealed.
The FDHRD report indicated that “Egypt is one of the most affected countries by the Russian-Ukrainian war. It comes as a result of direct connections to its food security, which depends on imported food grains mainly from the two parties to the conflict”.
The Egyptian market has experienced a 17% price increase in wheat and 10% increase in cooking oils. The increase is still considered to be lower than prices in the other countries. However, prices of meat and poultry products have exceeded global rates at the beginning of the crisis.
