June 24, 2021

Egypt to raise electricity prices

The Egyptian government is planning to increase electricity prices for those using less than a thousand kilowatts of electricity, the spokesperson of the Ministry of Electricity and Renewable Energy announced yesterday.

Ministry spokesperson, Ayman Hamzam said that the electricity prices were structured 'according to a previously-announced five-year plan.' He added that the prices would remain 'fixed starting this July,' and that it would also include the prices of industrial consumption.

'Starting 1 July, there will be an increase in electricity fees for the first and second tranches, with an increase of 10 piasters,' Prices would remain the same for those who consume 'more than 1,000 kilowatts per month', he added.

Under the conditions set by a 2016 IMF loan, Egypt promised to reduce fuel subsidies in order to secure $12 billion.

After Egypt floated the Egyptian pound in 2016 its currency halved against the US dollar and inflation rose over 30 per cent.

The IMF loan was intended to kick-start the economy after it crashed following the 2011 Arab uprising. Since then, terror attacks and Egypt's dire human rights record have kept tourists away from the country, which has exacerbated the problem as tourism was once a major income for Egypt.


Categories : government

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