Egypt will remove subsidies on most energy products by June 15, it told the Inte...
CAIRO - Egypt will remove subsidies on most energy products by June 15, it told the International Monetary Fund in a January letter released by the IMF on Saturday as part of a review of Cairo’s three-year, $12 billion loan program with the lender.
The letter from Egypt’s finance minister and central bank governor was included in an IMF staff report dated Jan. 28 and published following the disbursement in February of the fifth out of six tranches of the loan. The government said in its letter that after starting to link less-used Octane 95 petrol to international prices - which it accomplished in April - it would introduce similar indexation mechanisms for other products in June, with the first price adjustments expected in mid-September.
Egypt said it had capped the government’s ability to borrow from the central bank via an overdraft account at 66 billion Egyptian pounds in 2018/19, equal to 10 pct of the previous three years’ revenue, as a way of managing liquidity and reducing inflation.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
The IMF adds to a chorus of concern about competitionA new analysis adds to worries about market power
Read more »
Egypt shuts three ports due to bad weatherEgypt closed the Red Sea port of Sharm al-Sheikh and the Mediterranean ports of ...
Read more »
19 Reasons 'The Prince Of Egypt' Is The Best Animated Movie Of All Time'The Plagues' is such a bop.
Read more »
IMF blames Trump’s trade policy for economic slowdown — not the FedThis year, the IMF expects 70 percent of the global economy to experience a slowdown.
Read more »
Monopoly power is growing across the developed world — and it’s hurting workers, IMF findsGrowing monopoly power is seen across the developed world, a new International Monetary Fund report finds, which could be a contributor to ills ranging from lackluster investment growth to growing income inequality.
Read more »
One of the most beautiful places I've ever seen is Egypt's White Desert, a desolate lunar landscape few travelers visit. These photos show just how unreal it is.While Egypt's best known sites are the Great Pyramids of Giza and the Valley of the Kings, Egypt is home to many beautiful natural landscapes.
Read more »
Argentina requests economic review waiver from IMFArgentina has asked for a waiver from the International Monetary Fund to give th...
Read more »
Finely painted Ptolemaic tomb unveiled in EgyptArchaeologists on Friday unveiled a well preserved and finely painted tomb thoug...
Read more »
IMF says Argentina economic policies 'bearing fruit,' unlocks $10.8 billion in fundingThe International Monetary Fund's executive board ratified on Friday its th...
Read more »