Egypt on track to end fuel subsidies

Egypt is on track to end subsidies on most fuels by June 15 as part of a reform programme led by the International Monetary Fund, the Washington-based body said Saturday.

The economy of the Arab world's most populous country has suffered from political instability and security threats since the 2011 uprising that ousted long-time leader Hosni Mubarak.

Cairo secured a USD 12 billion, three-year loan package from the IMF in 2016. Egyptian authorities "remain committed" to ending subsidies granted to limit prices at the pump, the IMF said in a new report.

The prices of liquefied petroleum gas (LPG) and fuels used in bakeries and for electricity generation would not be affected, it added.

Bread is a staple in Egypt and a price hike could spark further discontent in the face of continued economic woes.