Egypt poses significant increases in the fuel price in the IMF talks

Egypt seems to be compelled to pose sharp increases in petrol and diesel prices in the next meeting with the International Monetary Fund (IMF) experts which stipulates cutting subsidies of energy prices. However, the government wants to continue subsidizing fuel prices for the neediest categories within the rationing system which will be implemented in July.

While Cairo makes a plan for economic reform, it wants to negotiate on its basis to get a loan of $4.8 billion from the International Monetary Fund (IMF) to stop the decline in its foreign exchange reserves … But the talks date has not been yet decided.

Source: Reuters