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Egypt To Hike Electricity Prices By Nearly 15%

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The Egyptian Electricity Minister, Mohamed Shaker, said on Tuesday that the country would raise its electricity prices by an average of 14.9 per cent as of the 2019/20 fiscal year starting in July.

The prices for the low-voltage electricity used in homes and commercial enterprises will increase by 19 per cent and for the high-voltage electricity used in heavy industry by 10 per cent, Shaker said.

In recent years, the government of President Abdel-Fattah al-Sissi has introduced cuts to energy subsidies as part of austerity measures linked to a 12-billion-dollar bailout from the International Monetary Fund.

Egypt hiked the electricity prices by an average of 26 per cent in the fiscal year 2018-19.

The austerity measures, which included the flotation of the local currency and raising taxes, have left many Egyptians struggling to make ends meet.

 

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