{"id":547198,"date":"2022-06-13T04:57:09","date_gmt":"2022-06-13T04:57:09","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/13\/and-the-toll-from-europes-mess-keeps-getting-bigger\/"},"modified":"2022-06-13T04:57:09","modified_gmt":"2022-06-13T04:57:09","slug":"and-the-toll-from-europes-mess-keeps-getting-bigger","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/13\/and-the-toll-from-europes-mess-keeps-getting-bigger\/","title":{"rendered":"And the toll from Europe\u2019s mess keeps getting bigger"},"content":{"rendered":"

<\/a> Egypt will need around USD 10 bn next fiscal year for wheat + oil: <\/strong>Egypt could face an extra USD 10.2 bn burden next fiscal year if wheat and oil prices remain at their current elevated levels, Finance Minister Mohamed Maait told CNBC Arabia<\/a> in an interview.<\/p>\n

On wheat: <\/strong>Some USD 3 bn more would be needed for imported wheat in FY2022-23, split equally between public and private purchases, Maait said. Maait puts current prices at around USD 500 per ton \u2014 around double the upper range of what wheat had cost us on the international markets before the recent price squeeze, he says. Multiply the USD 250-per ton difference by around 12 mn tons we import in a year (split equally between public and private-sector purchases) for the USD 3 bn figure.<\/p>\n

On oil:<\/strong> He estimates that additional oil import costs could come in at around USD 7.2 bn. It\u2019s the same story as with wheat \u2014 prices have doubled on the USD 60\/bbl price that the government had penciled in for this fiscal year. We import around 120 mn barrels of oil a year, making for an EGP 7.2 bn additional annual cost. Brent crude closed at USD 122 per barrel yesterday.<\/p>\n

REMEMBER- The government has already estimated rising global wheat prices on the back of the war to cost it an <\/strong>additional EGP 15 bn<\/a><\/strong>this fiscal year<\/strong>, penciling in the cost at around USD 350 per ton. We should get clarity on when the budget for this fiscal year closes (we estimate sometime in the coming months).<\/p>\n

The consequences: <\/strong>Rising wheat prices don\u2019t only add an additional burden on the state budget, but pressure prices in the wider market and the local currency, Maait noted.<\/p>\n

The figures are higher than those penciled in for the <\/strong>draft FY2022-2023 budget<\/a><\/strong>, which is currently making its way through the House of Representatives. The budget assumes an<\/p>\n

an average price of USD 330 per ton of wheat (up from USD 255 this fiscal year), and USD 80 per barrel of oil \u2014 estimates that came in for criticism from some MPs<\/a> as leading to unrealistically low allocations for state purchases in the budget. The allocations are tentative and could still be changed up until the budget is passed (most likely sometime before the new fiscal year begins in July.)<\/p>\n

War in Ukraine has sent commodities prices rocketing \u2014 and we\u2019re particularly vulnerable to the impacts: <\/strong>The world\u2019s largest importer of wheat, we usually source north of 80% of our grain imports from Russia and Ukraine. We\u2019re also a net oil importer, leaving us vulnerable to the price squeeze that began as a result of a demand-supply imbalance during the post-pandemic recovery and has been exacerbated by the war, which has seen Europe pledge to wean itself off Russian fossil fuels.<\/p>\n

KUDOS to Maait and the gov\u2019t for continuing their policy of speaking transparently <\/strong>about the effects of global economic headwinds here at home. As Maait noted, this crisis is not the result of \u201cinterior politics\u201d but of market forces beyond our borders \u2014 and communicating clearly will be key to riding them out.<\/p>\n

Meanwhile, the French are stepping up: <\/strong>Some 63k tonnes of French wheat has landed at Red Sea\u2019s Safaga Port, Al Masry Al Youm<\/a> reported. The shipment is part of the 350k tons of wheat from France, Russia, and Bulgaria that GASC bought in April<\/a>, in its first successful tender since war broke out in Europe\u2019s breadbasket. The French wheat is now being tested for quality, according to Al Masry Al Youm.<\/p>\n

IN OTHER COMMODITIES NEWS-<\/strong><\/p>\n

The Oil Ministry plans to build a EGP 1.8 bn crude <\/strong>oil storage facility south of <\/strong>Cairo<\/strong>, which would receive crude from Ain Sokhna and transfer it to the Assiut oil refinery, according to a statement<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Egypt will need around USD 10 bn next fiscal year for wheat + oil: Egypt could face an extra USD 10.2 bn burden next fiscal year if wheat and oil prices remain at their current elevated levels, Finance Minister Mohamed Maait told CNBC Arabia in an interview. On wheat: Some USD 3 bn more would […]<\/p>\n","protected":false},"author":1,"featured_media":547199,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7305],"tags":[317,72,491,550,277,270,304,563],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-547198","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commodities","tag-commodities","tag-enterpriseam","tag-france","tag-gasc","tag-mohamed-maait","tag-russia","tag-ukraine","tag-wheat","wpautop","entry"],"acf":{"mongo_id":"5ac17049-0088-4ed8-a391-d2e876d5d91b","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/6\/247.jpg","photo_position":"above","related_issue":[547194],"teaser":"","voice_url":""},"yoast_head":"\nAnd the toll from Europe\u2019s mess keeps getting bigger - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/13\/and-the-toll-from-europes-mess-keeps-getting-bigger\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"And the toll from Europe\u2019s mess keeps getting bigger\" \/>\n<meta property=\"og:description\" content=\"Egypt will need around USD 10 bn next fiscal year for wheat + oil: Egypt could face an extra USD 10.2 bn burden next fiscal year if wheat and oil prices remain at their current elevated levels, Finance Minister Mohamed Maait told CNBC Arabia in an interview. On wheat: Some USD 3 bn more would […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/13\/and-the-toll-from-europes-mess-keeps-getting-bigger\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2022-06-13T04:57:09+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/247.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/13\/and-the-toll-from-europes-mess-keeps-getting-bigger\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/13\/and-the-toll-from-europes-mess-keeps-getting-bigger\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"And the toll from Europe\u2019s mess keeps getting bigger\",\"datePublished\":\"2022-06-13T04:57:09+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/13\/and-the-toll-from-europes-mess-keeps-getting-bigger\/\"},\"wordCount\":631,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/13\/and-the-toll-from-europes-mess-keeps-getting-bigger\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/247.jpg?fit=%2C&ssl=1\",\"keywords\":[\"commodities\",\"EnterpriseAM\",\"France\",\"GASC\",\"Mohamed Maait\",\"Russia\",\"Ukraine\",\"wheat\"],\"articleSection\":[\"Commodities\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/13\/and-the-toll-from-europes-mess-keeps-getting-bigger\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/13\/and-the-toll-from-europes-mess-keeps-getting-bigger\/\",\"name\":\"And the toll from Europe\u2019s mess keeps getting bigger - EnterpriseAM Egypt\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/13\/and-the-toll-from-europes-mess-keeps-getting-bigger\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/13\/and-the-toll-from-europes-mess-keeps-getting-bigger\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/247.jpg?fit=%2C&ssl=1\",\"datePublished\":\"2022-06-13T04:57:09+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/13\/and-the-toll-from-europes-mess-keeps-getting-bigger\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/13\/and-the-toll-from-europes-mess-keeps-getting-bigger\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/13\/and-the-toll-from-europes-mess-keeps-getting-bigger\/#primaryimage\",\"url\":\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/247.jpg?fit=%2C&ssl=1\",\"contentUrl\":\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/247.jpg?fit=%2C&ssl=1\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/13\/and-the-toll-from-europes-mess-keeps-getting-bigger\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/enterpriseam.com\/egypt\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"And the toll from Europe\u2019s mess keeps getting bigger\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#website\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/\",\"name\":\"EnterpriseAM\",\"description\":\"The State of the Nation\",\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/enterpriseam.com\/egypt\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\",\"name\":\"EnterpriseAM\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ent.news\/internal\/240894.svg\",\"contentUrl\":\"https:\/\/ent.news\/internal\/240894.svg\",\"caption\":\"EnterpriseAM\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\",\"name\":\"enterpriseam admin\",\"sameAs\":[\"http:\/\/enterpriseam.testing.projectsarea.com\"],\"url\":\"https:\/\/enterpriseam.com\/egypt\/author\/enterpriseam\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"And the toll from Europe\u2019s mess keeps getting bigger - EnterpriseAM Egypt","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/13\/and-the-toll-from-europes-mess-keeps-getting-bigger\/","og_locale":"en_US","og_type":"article","og_title":"And the toll from Europe\u2019s mess keeps getting bigger","og_description":"Egypt will need around USD 10 bn next fiscal year for wheat + oil: Egypt could face an extra USD 10.2 bn burden next fiscal year if wheat and oil prices remain at their current elevated levels, Finance Minister Mohamed Maait told CNBC Arabia in an interview. On wheat: Some USD 3 bn more would […]","og_url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/13\/and-the-toll-from-europes-mess-keeps-getting-bigger\/","og_site_name":"EnterpriseAM Egypt","article_published_time":"2022-06-13T04:57:09+00:00","og_image":[{"url":"https:\/\/i0.wp.com\/ent.news\/2022\/6\/247.jpg?fit=%2C&ssl=1","type":"","width":"","height":""}],"author":"enterpriseam admin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"enterpriseam admin","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/13\/and-the-toll-from-europes-mess-keeps-getting-bigger\/#article","isPartOf":{"@id":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/13\/and-the-toll-from-europes-mess-keeps-getting-bigger\/"},"author":{"name":"enterpriseam admin","@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d"},"headline":"And the toll from Europe\u2019s mess keeps getting bigger","datePublished":"2022-06-13T04:57:09+00:00","mainEntityOfPage":{"@id":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/13\/and-the-toll-from-europes-mess-keeps-getting-bigger\/"},"wordCount":631,"publisher":{"@id":"https:\/\/enterpriseam.com\/egypt\/#organization"},"image":{"@id":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/13\/and-the-toll-from-europes-mess-keeps-getting-bigger\/#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/ent.news\/2022\/6\/247.jpg?fit=%2C&ssl=1","keywords":["commodities","EnterpriseAM","France","GASC","Mohamed Maait","Russia","Ukraine","wheat"],"articleSection":["Commodities"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/13\/and-the-toll-from-europes-mess-keeps-getting-bigger\/","url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/13\/and-the-toll-from-europes-mess-keeps-getting-bigger\/","name":"And the toll from Europe\u2019s mess keeps getting bigger - EnterpriseAM Egypt","isPartOf":{"@id":"https:\/\/enterpriseam.com\/egypt\/#website"},"primaryImageOfPage":{"@id":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/13\/and-the-toll-from-europes-mess-keeps-getting-bigger\/#primaryimage"},"image":{"@id":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/13\/and-the-toll-from-europes-mess-keeps-getting-bigger\/#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/ent.news\/2022\/6\/247.jpg?fit=%2C&ssl=1","datePublished":"2022-06-13T04:57:09+00:00","breadcrumb":{"@id":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/13\/and-the-toll-from-europes-mess-keeps-getting-bigger\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/enterpriseam.com\/egypt\/2022\/06\/13\/and-the-toll-from-europes-mess-keeps-getting-bigger\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/13\/and-the-toll-from-europes-mess-keeps-getting-bigger\/#primaryimage","url":"https:\/\/i0.wp.com\/ent.news\/2022\/6\/247.jpg?fit=%2C&ssl=1","contentUrl":"https:\/\/i0.wp.com\/ent.news\/2022\/6\/247.jpg?fit=%2C&ssl=1"},{"@type":"BreadcrumbList","@id":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/13\/and-the-toll-from-europes-mess-keeps-getting-bigger\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/enterpriseam.com\/egypt\/"},{"@type":"ListItem","position":2,"name":"And the toll from Europe\u2019s mess keeps getting bigger"}]},{"@type":"WebSite","@id":"https:\/\/enterpriseam.com\/egypt\/#website","url":"https:\/\/enterpriseam.com\/egypt\/","name":"EnterpriseAM","description":"The State of the Nation","publisher":{"@id":"https:\/\/enterpriseam.com\/egypt\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/enterpriseam.com\/egypt\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/enterpriseam.com\/egypt\/#organization","name":"EnterpriseAM","url":"https:\/\/enterpriseam.com\/egypt\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/logo\/image\/","url":"https:\/\/ent.news\/internal\/240894.svg","contentUrl":"https:\/\/ent.news\/internal\/240894.svg","caption":"EnterpriseAM"},"image":{"@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d","name":"enterpriseam admin","sameAs":["http:\/\/enterpriseam.testing.projectsarea.com"],"url":"https:\/\/enterpriseam.com\/egypt\/author\/enterpriseam\/"}]}},"featured_image_src":"https:\/\/i0.wp.com\/ent.news\/2022\/6\/247.jpg?resize=600%2C400&ssl=1","featured_image_src_square":"https:\/\/i0.wp.com\/ent.news\/2022\/6\/247.jpg?resize=600%2C600&ssl=1","author_info":{"display_name":"enterpriseam admin","author_link":"https:\/\/enterpriseam.com\/egypt\/author\/enterpriseam\/"},"jetpack_featured_media_url":"https:\/\/i0.wp.com\/ent.news\/2022\/6\/247.jpg?fit=%2C&ssl=1","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":559962,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/10\/egypt-wont-tap-debt-market-again-before-2h-no-decision-on-wheat-hedging-maait\/","url_meta":{"origin":547198,"position":0},"title":"Egypt won\u2019t tap debt market again before 2H, no decision on wheat hedging \u2013Maait","author":"enterpriseam admin","date":"10 February 2021","format":false,"excerpt":"Egypt has no plans to return to the international debt market before the end of the first half, Finance Minister Mohamed Maait told Al Arabiya. Despite low interest rates globally, the government won\u2019t tap the market for a second time until the state\u2019s current fiscal year ends on 30 June,\u2026","rel":"","context":"In "DEBT WATCH"","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/2\/167.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":546658,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/24\/subsidies-social-safety-net-allocations-dominate-house-budget-debate\/","url_meta":{"origin":547198,"position":1},"title":"Subsidies + social safety net allocations dominate House budget debate","author":"enterpriseam admin","date":"24 May 2022","format":false,"excerpt":"MPs raise flags on FY 2022-2023 budget allocations for subsidy + social safety net spending: Members of the House Planning and Budgeting Committee appear to be divided on whether the state should be upping its spend on commodity subsidies and expanding social safety programs, particularly as the Russia-Ukraine war has\u2026","rel":"","context":"In "BUDGET WATCH"","block_context":{"text":"BUDGET WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/budget-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/5\/317.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":567892,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/10\/finmin-is-hedging-like-it-never-hedged-before\/","url_meta":{"origin":547198,"position":2},"title":"FinMin is hedging like it never hedged before","author":"enterpriseam admin","date":"10 December 2020","format":false,"excerpt":"Egypt has nearly doubled its oil hedging contracts so far this fiscal year, as the government looks to lock in the benefits of low oil prices, Finance Minister Mohamed Maait told Bloomberg. \u201cWe did a huge number of hedging contracts,\u201d Maait said without disclosing the value of the contracts. The\u2026","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/12\/196.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":569160,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/16\/egypt-hedged-against-rising-oil-prices-this-year-maait-confirms\/","url_meta":{"origin":547198,"position":3},"title":"Egypt hedged against rising oil prices this year, Maait confirms","author":"enterpriseam admin","date":"16 February 2020","format":false,"excerpt":"Egypt hedged against rising oil prices this year, Maait confirms: Egypt took out hedging contracts to guard against rising oil prices during the current fiscal year, Finance Minister Mohamed Maait confirmed in an interview with Bloomberg. The government hedged \u201cseveral times\u201d this year and \u201cwill hedge again during the year\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/2\/202.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":567982,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/14\/russia-our-biggest-wheat-supplier-is-mulling-a-grain-tax\/","url_meta":{"origin":547198,"position":4},"title":"Russia, our biggest wheat supplier, is mulling a grain tax","author":"enterpriseam admin","date":"14 December 2020","format":false,"excerpt":"Egypt\u2019s largest wheat supplier is planning to impose a temporary tax and maximum quota on grain exports in a bid to boost local supply and stabilize prices, sources close to Russian government discussions told Reuters. The tax could be between USD 27-30 per tonne of wheat, and it could be\u2026","rel":"","context":"In "Commodities"","block_context":{"text":"Commodities","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/commodities\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":546226,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/09\/oil-wheat-spend-to-rise-fy-2022-2023\/","url_meta":{"origin":547198,"position":5},"title":"Oil + wheat spend to rise FY 2022-2023","author":"enterpriseam admin","date":"9 May 2022","format":false,"excerpt":"The Finance Ministry will set oil prices at USD 80 a barrel in the FY 2022-2023 budget, according to a document seen by Bloomberg Asharq, coming in at the bottom range of the USD 80-85 a barrel range signaled by Vice Minister of Finance Ahmed Kouchouk last month.This is significantly\u2026","rel":"","context":"In "BUDGET WATCH"","block_context":{"text":"BUDGET WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/budget-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/5\/100.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/547198","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=547198"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/547198\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/547194"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/547199"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=547198"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=547198"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=547198"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=547198"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=547198"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}