subsidy
Egyptians pay only 15% of the cost of a subsidized loaf of bread even after the 15 piasters price increase, Minister of Finance Mohamed Maait told the parliament Sunday.
President Sisi announced the postponement of the tariff increase and the reduction of electricity subsidies in Egypt, for the third time in two years,
Egypt has returned 1.8 million people to its food staples subsidy program since February following earlier cuts, the supply ministry said on Tuesday.
The inclusion of those citizens will start on July 1 along with the beneficiaries of the pension offered by the Ministry of Social Solidarity.
The Egyptian Cabinet Information and Decision Support Centre denies reports on plans to increase prices of electricity.
Egypt on Tuesday announced new cuts to its electricity subsidies, raising prices by an average of 26 percent in the 2018-2019 fiscal year beginning July, Electricity Minister Mohamed Shaker said on Tuesday.
Spokesperson for Metro service Ahmed Abdel Hady said the service is operating normally and the number of passengers was not affected by the new hikes in fares.
The new loaf contains 10 percent barley, 10-15 percent broken rice, 35 percent coarse wheat flour and 35 percent sweet potatoes.
Transport Minister Hisham Arafat said despite recent hikes in metro ticket prices, removing government subsidy will raise the price up to EGP 16.
Mexican presidential frontrunner Andres Manuel Lopez Obrador will not reverse the country’s recent energy reform, one of his closest economic advisers said.
The price of oil in the new budget is set at $67 per barrel, Minister of Finance said.
he Cabinet will send the new budget for fiscal year 2018/19 to President Sisi this week for approval before referring it to the Parliament by the end of March.
Fitch anticipated in a report that the Central Bank of Egypt will cut rates further this year (another 200-300bps).
A new blow was given to the Ministry of Supply when the Giza supply official was seized for taking LE 1 million ($56 thousand) in bribes.
The cabinet's Information and Decision Support Center denied the news fanned in media and websites about the increase of prices of subsidized bread.
The government took steps to gradually remove subsidies on fuel and goods in light of its economic reform program. Other countries adopted the same process.
President Abdel Fatah al-Sisi announced a number of decisions Tuesday that aimed to protect the poor and vulnerable people from economic reform impact.
The Egyptian Cabinet approved new prices for sate-subsided wheat depending upon the quality of the crop, Minister of Agriculture Abdul Moneim El-Banna said in a press conference held in the Cabinet’s headquarters Wednesday.
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