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FinancialNews
07-04-19
Egypt to remove subsidies on most energy products
(MENAFN) Egypt was announced to have set out a plan to cut subsidies on the majority of power goods, effective June 15.
This decision comes while Egypt is one step away from the expiry of a three-year loan programme with the International Monetary Fund (IMF), valued at USD12 billion.
In a letter the Egyptian central bank governor and finance minister penned, Egypt was revealed to be looking for hikes on gas, diesel, kerosene and fuel oil prices.
It added "we will make additional increases to achieve our objective of 100 per cent cost recovery by June 15, 2019 - excluding liquefied petroleum gas and fuel oil used for electricity generation and bakeries."
MENAFN0704201900450000ID1098355256
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