Egypt to negotiate extension of fuel, electricity subsidy cuts with IMF
Updated 10/23/2024 3:36:00 AM
Arab Finance: Egypt is set to begin negotiations with the International Monetary Fund (IMF) soon, aiming to extend the timeline for implementing fuel and electricity subsidy cuts, an unnamed government official told Asharq Business.
This follows last week's fuel price hike, marking the third increase this year.
The news comes after President Abdel Fattah el-Sisi expressed concerns over the IMF agreement, stating that it must be reviewed if it creates excessive burdens for the population.
During a speech at the World Conference on Population, Health, and Human Development, Sisi emphasized that if Egypt's economic challenges, such as a loss of $6 to $7 billion in Suez Canal revenue, are not considered, the government would need to reconsider its obligations under the IMF program.
The IMF is set to begin the fourth review of Egypt’s economic reform program in November.
In May, the IMF disbursed the third tranche of $820 million as part of Egypt’s support program.
The first and second reviews were completed in March, leading to an increase in the overall program value by $5 billion, bringing the total to $8 billion.
Related News
