Egypt hikes electricity prices by more than 40% as demanded by IMF

‘Egypt has decided to raise electricity prices by more than 40 percent as demanded by the International Monetary Fund (IMF) in order to receive a $12 billion bailout loan.
Electricity Minister Mohamed Shaker said on Thursday the new charges would apply as of July, which are likely to further deepen the economic woes of most Egyptians.
He said households would now be paying between 18 and 42 percent more on their bills depending on the category and level of their consumption but some of the subsidies would remain in place.
Under the IMF-devised austerity plan, Cairo is obliged to cut subsidies as a condition to receive installments of the three-year loan.
“We were supposed to have been completely done with the (electricity) subsidy in the current and next fiscal years,” Shaker said.’
Read more: Egypt hikes electricity prices by more than 40% as demanded by IMF