Egypt: Fuel Prices Will Not Rise over IMF Loan
Following recent talks with the IMF, an official from the Egyptian General Petroleum Corporation (EGPC) stated for Egypt Oil&Gas that the price of fuel will not change.
During negotiations, the government confirmed that the current budget, which allocates EGP 35m to energy subsidies and has been approved by the parliament, will remain as is and new reforms will not be introduced to the country.
The official source added that, the Egyptian President, Abdel Fattah El Sisi did not agree to the IMF’s loan stipulations to increase fuel prices and the complete removal of state backed subsidies for fuel. Egypt will firmly remain implementing recent reform efforts, which include the systematic decrease of energy subsidies over the course of five years, two of which have already elapsed.