Egypt to raise power and fuel prices next month
Minister reveals plan to tackle budget deficit by cutting subsidies.
Egypt is planning to hike electricity and fuel prices from the start of next month when the next fiscal year begins.
The move is designed to tackle the budget deficit, which currently sits at around EGP 250bn ($35bn) by cutting energy subsidies, planning minister
The government aims to completely liberalise prices within the next three to five years, said El-Araby, without revealing how much prices will go up next month.
Egypt spends more than 20% of its budget on energy subsidies though successive governments have failed to carry promises to tackle the issue due to the unpopularity of the measure.