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Fox Business: Egypt raises electricity prices by more than 40 percent

This is latest move on the road to lifting all subsidies and complying with demands by the International Monetary Fund for a $12 billion bailout loan.
07.07.17 | Interesting article at Fox Business

Egypt on Thursday raised electricity prices by more than 40 percent, its latest move on the road to lifting all subsidies and complying with demands by the International Monetary Fund for a $12 billion bailout loan.

The hike, though widely anticipated, is likely to further deepen the economic woes of most Egyptians as they struggle in the face of steep price rises heralded by the floatation of the local currency in November and the partial lifting of fuel subsidies.

The rise, announced by the electricity minister, came a week after the government raised gasoline prices by up to 55 percent and doubled the price of the household staple butane canisters, used for cooking.

The minister, Mohamed Shaker, said the new charges would apply as of July. Households would pay up to 42 percent more while the price of electricity for companies and other commercial consumption was raised by up to 46 percent.