Egypt raises electricity prices

Cairo: Egypt on Tuesday raised prices of electricity use by about 15 per cent on average, Minister of Electricity Mohammad Chaker said.

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The hike is the latest in a series of austerity measures taken by the Egyptian government to reform economy and trim a budget deficit.

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Electricity prices, announced by Chaker at a press conference in Cairo, showed increases ranging from 3.7 per cent to 38.8 per cent per kilowatt depending on the amount of electricity consumption.

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The new prices will take effect as of July, the start of the new fiscal year in Egypt.

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State subsidy on electricity will be completely lifted by the end of the 2021/2022 fiscal year, according to the minister.

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In November 2016, Egypt floated its local pound and slashed fuel subsidy as part of economic reforms, which the government said were unavoidable and overdue.

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The measures secured Egypt a badly needed loan of 12 billion dollars from the IMF, but unleashed rises in prices of different goods and services in the country.

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In March this year, President Abdul Fattah Al Sissi announced increases in salaries of state workers.

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