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Egypt Implements IMF-Backed Fuel Price Hike to Align with Global Markets

Egypt has taken a significant step forward in its economic reform agenda by implementing a fuel price adjustment, as part of its commitment to the International Monetary Fund (IMF) agreement established in November 2022. This move aims to harmonize domestic fuel prices with international energy markets.

After facing delays in executing promised adjustments in the past, Egypt has demonstrated renewed determination by increasing fuel prices, fulfilling its obligations under the IMF agreement. The agreement, initially valued at $3 billion, has now been expanded to $8 billion, indicating a strengthened partnership between Egypt and the IMF to stabilize the economy.

The quarterly pricing committee, as announced in the official gazette, has raised petrol prices by 1.00 Egyptian pound ($0.02) per litre. This includes increments for various octane ratings, with diesel prices also seeing a notable increase. The decision reflects ongoing discussions regarding subsidy reforms, with the IMF emphasizing the need to ensure equitable distribution of resources.

In addition to petrol and diesel adjustments, the committee has revised the price of butane cooking gas, addressing concerns about affordability and access to essential commodities. Furthermore, prices for fuel oil have been established, catering to different sectors such as food industries and power plants.

Egypt’s economy has faced challenges, including soaring inflation rates recorded at 33.7% in 2023. However, the government’s commitment to economic reforms, including currency devaluation and subsidy reductions, underscores its proactive approach to address economic imbalances.

While awaiting approval from the IMF board for the revised agreement, Egypt’s adherence to reform measures signals a concerted effort to navigate through economic uncertainties and foster sustainable growth.

photo source: Google

By: Montel Kamau

Serrari Financial Analyst

22nd March, 2024

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