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07 July, 2017

The IMF mafia pushes poor Egypt into steep rise in electricity price!

Egypt announced a major increase in electricity prices on Thursday as authorities continued to cut government subsidies under an IMF-backed economic reform package.

Electricity Minister Mohammed Shaker said prices would rise by between 18 and 42 percent for household bills starting from this month.

The government has been looking to slash the subsidies it uses to keep consumers' energy prices down and raise taxes in a bid to tighten up government finances.

The measures are part of a three-year $12 billion International Monetary Fund loan agreement it hopes will lure back foreign investors who fled after a 2011 political uprising.

It said previously it would phase out electricity subsidies entirely by the end of the 2018-19 fiscal year beginning in July, but Shaker said tough economic conditions brought on by the floating of the pound currency in November means the subsidies will be phased out more gradually, by the end of 2021-22.

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