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IMF chief says there are “encouraging” signs in energy subsidy reform
Mehleb says interim government has yet to decide whether it will increase fuel and diesel prices
Price hike only affects users connected to gas grid, most citizens not connected to grid
New automated bakery launched in Port Said
Ministry of Supply provides smart ration cards to citizens to meet their needs of bread and other commodities
Fuel subsidies account for a fifth of state spending, but one cash-strapped government after another has resisted attacking the wasteful system, fearful that raising fuel prices could spark unrest.
Regional experts discuss the obstacles facing the export diversification in the MENA region.
Committee aimed at balancing prices of goods to meet citizens’ needs, says minister
Regional economic experts say fund’s demands for near-term subsidy cuts not viable
The government’s subsidised bread programme has “allowed bakery owners to smuggle flour and sell it on the black market at higher prices,” Khaled Hanafy says
Morocco is the most advanced among North African countries in its reform of public subsidies and already started last year to partially index energy prices to international market levels.
The current interim government intends to reach a solution for the subsidies problem before it is replaced
This comes on the occasion of the third memorial of 25 January Revolution, says the minister
Petroleum products subsidies reached EGP 120bn in last year’s budget, EGP 57bn of which were allocated for diesel, while in the current year’s budget, it was assigned EGP 99bn.
The government is studying alternatives to gas usage, investments with foreign companies and is seeking to build wind farms for electricity production.
El-Beblawi added that challenges facing investors, which primarily included lapses in security, were being addressed and that huge improvements had so far been seen in the performance of security forces in recent months.
The government is scrambling to limit the impact of oil price fluctuations on Morocco’s ailing public finances, with fuel subsidies weighing heavily on the budget of the North African country, which imports almost all its energy needs.
Six Egyptian ministries are cooperating in a project to integrate and unify the citizens’ database information to develop the subsidies programme and ensure its arrival for those deserving
The Egyptian government has so far imported 300,000 tonnes of wheat from Ukraine, Romania and Russia.
Slashing energy subsidies is one of the requirements set by the International Monetary Fund (IMF)to secure the proposed $4.8bn loan package.
IMF officials reinforced the need to encourage the growth of a strong new Egyptian economy rooted in the private sector, and build on competition instead of favouritism.
Subsidies for petroleum products totaled 62% of all subsidies for the third quarter, with an additional 31% going towards supply products.
Loan delayed by inconsistent implementation of subsidy cuts and tax hikes
Minister says subsidies are a ‘right we cannot do away with’
Reform measures hampered by unrest and lack of political support for plans
World Food Programme releases report on poverty and food insecurity in Egypt
Recent statements made by the petroleum minister regarding the fuel subsidies programme have caused intense controversy within Prime Minister Hesham Qandil’s government.
Electronic payments specialist beat joint NBE-Banque Misr bid for the contract
Industries no longer considered energy intensive, says government
LPG subsidies system to end at ‘appropriate time’, says minister of state for administrative development