Ayman al-Qaffas, Finance Ministry spokesperson and deputy minister for international affairs, ruled out negative impacts of decrease in oil international prices on governmental projects or economic growth.
“Egypt is not an oil-exporting company to have concerns. We import small part of our production. Neither Saudi Arabia or United Arab Emirates have problems, despite being main oil exporting countries,” Qaffas told Al-Masry Al-Youm, adding that all budgets of Gulf countries are based on the price of US$80 per barrel.
The ministry made this year’s budget without depending on foreign aid, he said. The targeted economic growth rate rely on structural economic reform. Qaffas indicated to the gulf aid to Egypt as being a strategic choice.
Oil saw its biggest daily fall in more than three years after the West's energy watchdog slashed its forecasts for world oil demand for this year and 2015.
Brent crude has fallen more than 25 percent from the mid-June peak.
Edited translation from Al-Masry Al-Youm
