Cairo – Mubasher: The finance ministry is considering the consequences of the increase in oil prices for which an appropriation will be set aside within two weeks.
The oil cost incurred by the Egyptian government will be calculated based on the average prices in the last period, Deputy Minister of Finance Mohamed Mait told The Enterprise.
If the average oil prices reached $70, the value of the new appropriation will reach EGP 60 billion, Mait added.
Any increase in oil prices will add to the budget deficit in Egypt, whose estimated deficit of 9.6% to 9.8% has not been modified, the top official revealed.
The deficit’s new estimates will be disclosed upon completing the study of the current situation, Mait said.
The Egyptian government will not change the estimated per barrel price in Egypt’s budget, which stood at $67, he concluded.
