Egyptian billionaire businessman Naguib Sawiris - File photo
CAIRO - 7 March 2022: Egyptian businessman Naguib Sawiris put forward a number of proposals to the government in order to work to confront the rise in oil and wheat prices and their impact on the economy, against the backdrop of the Russian-Ukrainian war and Western sanctions on Russia.
Sawiris said, in a tweet via his twitter account, Monday, that some measures must be implemented urgently to confront the rise in oil and wheat prices and its impact on the economy.
Sawiris' proposals include the following:
- Replacing gas and diesel power generation with alternative energy.
- Exporting liquefied gas from liquid gas stations to Europe to benefit from the high price of gas and to compensate for Russian gas.
- Increasing the areas of wheat cultivation.
Oil prices jumped on Monday to their highest levels in 2008 and near their highest historical level, as the price of a barrel of Brent crude reached above $139 before losing some of its gains to reach $124.82, marking an increase of 5.7 percent compared to the end of last Friday's session.
International wheat prices have also witnessed significant increases in recent days, especially since Russia and Ukraine are considered among the largest grain exporters in the world, which was reflected in the offers and prices received by Egypt in the last two tenders that were recently put out, and the Supply Commodities Authority had to cancel them.
Egypt provides about two-thirds of its annual consumption of wheat through imports, and depends primarily on the two sides of the current war between Russia and Ukraine, as it provides about 80 percent of imports through these two markets only.
According to statements by the Minister of Supply, Egypt has a stockpile of wheat that suffices for an average of 4 months. With the advent of the local harvest season, the ministry expects that its stock will rise to suffice until next October, as it purchases more than 3.5 million tons of the local crop annually.