Egypt amends energy program to encourage investment: IMF

The International Monetary Fund (IMF) said in a statement on Friday that poor domestic polices in the region and a delay in urgent amendments may lead to deterioration of the economic status of countries.

On a positive note, the IMF noted that Egypt is preparing a program for gas distribution through smart cards in order to encourage investments, simplify customs norms and develop logistical services that would increase Egyptian exports by 13 percent.

At the same time, escalating consequences of the Syrian crisis including economic devastation and an increase in Syrian refugees to Jordan and Lebanon may lead Jordan to have to import energy at higher prices. The cutting off of its natural gas supply from Egypt is yet another issue, the IMF said in the statement.

Egypt is currently amending its energy supply system, the IMF said. Egypt has increased its petrol prices in the period of 2012 to 2013 by 112 percent for luxury cars, it said.