Egypt raises electricity prices by up to 42%

2017-07-06 18:19

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Cairo - Egypt has raised electricity prices by up to 42%, starting this month, as part of broader economic reforms taken to meet demands by the International Monetary Fund for a $12bn bailout loan.

Thursday's announcement, reported by state-run MENA news agency, comes a week after the government raised gasoline prices by up to 55% and doubled the prices of the household staple butane canisters, used for cooking.

Electricity Minister Mohamed Shaker told a press conference that the new tariffs will come into effect as of July, adding that electricity subsidies will be completely lifted by 2021.

Egypt has taken a set of tough austerity measures in order to qualify for the IMF loan, including the enactment of the value-added tax and currency floatation.

Read more on:    egypt  |  north africa

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