Government to possibly end electricity load reduction plan by year-end: Madbouly
Updated 5/28/2024 7:41:00 AM
Arab Finance: Egyptian Prime Minister Mostafa Madbouly has assigned Ministers of Electricity and Petroleum to study the possibility of ending the electricity load reduction plan by November or December at the latest, as per an official statement on May 28th.
Additionally, both ministers have been ordered to set a four-year plan for a gradual increase in electricity prices, while ensuring that low-income groups continue to receive significant subsidies, Madbouly said.
However, other activities shall contribute to bridging this gap, he added.
Moreover, Madbouly noted that fuel prices, excluding diesel, could see a gradual increase in an attempt to strike a balance between the cost of production and end prices by the end of 2025.
He also stated that the country is targeting to achieve a balance between resources and production within three years to alleviate burdens on state bills.
Furthermore, Madbouly has directed the Ministers of Petroleum and Finance to start paying off 20% to 25% of the outstanding debts owed to foreign partners as of next week.
He also pointed out that the government should raise the price of subsidized bread to cope with the increasing costs.
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