Economic Expert Raouf Gaafar asserted that the whole world will be affected by the current Russian-Ukrainian crisis
Economic Expert Raouf Gaafar asserted that the whole world will be affected by the current Russian-Ukrainian crisis, it already brought the stock market down; prices will eventually increase due to the surge of the oil and gas prices. The globe will suffer from the conflict which he hoped would end soon.
In a phone call with (Africa Today), Gaafar added that Africa as part of the world will be more affected. It is a poor continent so any change in the prices of any product will be reflected on the weak economy of most of its states.
Ukraine and Russia are among the largest growers, suppliers and exporters of wheat which is a very strategic and essential commodity for almost the whole world, he mentioned, pointing to the fact that Egypt and other African countries importing wheat and other agriculture products from these two countries will definitely be influenced. The idea of inter commerce and increasing the commercial and economic ties with one another within the African continent will be a blessing for all the countries, he stressed.
Egypt is importing a lot of its demand from wheat, he said, assuming that we will sustain and assimilate the prices’ increase. We have enough strategic provision and reserve, he conveyed. Egypt has a reserve of wheat enough to cover four-and-half-month’s needs as Prime Minister Moustafa Madbouli declared.
As an Economic Expert, Gaafar believed that wheat prices were already poised to increase. It is one of the most essential goods and its increase will affect food prices worldwide, he emphasized. Africa is the biggest importer of wheat and sun oil flower, he said. Thus, they will do their best to find alternative sources believing that Egypt is in a more favored position as its domestic wheat harvest season is about to begin.
He also noted that President Abdel Fattah e-Sisi gave his directives to increase the cultivated area of wheat to elevate the percentage of self-sufficiency to reach 40% or 50%. Egypt is the world's largest importer of wheat as we still import about 70% of our needs, totaling more than 13 million tons a year.
Africa Today is aired on Nile TV International and this episode is presented by Mahisty Rabie.
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