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.
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