Egypt
announced a major increase in electricity prices on Thursday as
authorities continued to cut government subsidies under an IMF-backed
economic reform package.
Electricity
Minister Mohammed Shaker said prices would rise by between 18 and 42
percent for household bills starting from this month.
The
government has been looking to slash the subsidies it uses to keep
consumers' energy prices down and raise taxes in a bid to tighten up
government finances.
The measures
are part of a three-year $12 billion International Monetary Fund loan
agreement it hopes will lure back foreign investors who fled after a
2011 political uprising.
It said
previously it would phase out electricity subsidies entirely by the
end of the 2018-19 fiscal year beginning in July, but Shaker said
tough economic conditions brought on by the floating of the pound
currency in November means the subsidies will be phased out more
gradually, by the end of 2021-22.
More:
Comments
Post a Comment