energy subsidies
The Cabinet negated raising fuel prices by 25 percent by the beginning of 2019.
This came during the premier's meeting with Trade and Industry Minister Amr Nassar.
The ministry has been focusing on infrastructure development.
IMF's mission chief for Egypt said that raising fuel prices will free up resources for health and education .
Fitch expected the budget deficit to stand at 9.3 percent of GDP, higher than the 9.1 percent projected by the government.
The Monetary Policy Committee hiked the overnight deposit and lending rates in an attempt to tame a new inflation wave on the back of slashing energy subsidies.
The Ministry of Interior launched an inspection campaign upon all public transportation terminals, especially the ones of microbuses.
The government’s decision to apply further hikes in fuel prices comes to redirect state funds to food subsidies, Prime Minister Sherif Ismail said in a Thursday press conference.
The production costs would not be affected dramatically by the decision.
Egypt's annual urban consumer inflation jumped to 30.2 percent in February from 28.1 percent in January, the highest in 30 years.
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