CAIRO: Egypt introduced its latest round of fuel subsidy cuts on Friday, raising domestic prices by between 16 percent and 30 percent as it nears the end of an IMF-backed economic reform program.
Starting at 9 A.M. (0700 GMT), the price of widely used 92 octane grade petrol rose by 18.5 percent to 8 pounds ($0.4825) a liter, while lower quality 80 octane rose by 22.7 percent to 6.75 pounds ($0.4071) a liter, the petroleum ministry said in a statement.
Higher grade 95 octane fuel rose by 16.1 percent to 9 Egyptian pounds ($0.5428) a liter, and diesel rose by 22.7 percent to 6.75 pounds per liter. The price of cooking gas cylinders rose by 30 percent to 65 pounds for domestic use and 130 pounds for commercial use.
Scaling back fuel subsidies was a key plank of a three-year $12 billion economic reform package signed with the IMF in November 2016. Energy subsidies had eaten up as much as 20 percent of the government’s budget in recent years.
The reforms also included a sharp devaluation of the Egyptian pound and led to rapid inflation that later cooled.
They have improved the country’s macroeconomic indicators but have increased the financial strain for tens of millions of Egyptians, many of whom live under the poverty line.
Egypt hikes domestic fuel prices in latest round of subsidy cuts
Egypt hikes domestic fuel prices in latest round of subsidy cuts
- Scaling back fuel subsidies was a key plank of Egypt’s three-year $12 billion economic reform package signed with the IMF in November 2016
Jordanian army chief holds talks with Lebanese leaders in Beirut
- Maj. Gen. Yousef Huneiti highlighted the strong relationship between Jordanian, Lebanese military institutions
LONDON: Jordan’s army chief met Lebanese President Joseph Aoun at the Presidential Palace in Beirut on Thursday to discuss security cooperation.
Maj. Gen. Yousef Huneiti, chairman of the Joint Chiefs of Staff in Jordan, addressed regional developments and security challenges, and ways to contribute to the stability of the region.
He also met the commander of the Lebanese Armed Forces, Gen. Rodolphe Haykal. They discussed military cooperation and the exchange of expertise and training to improve readiness and efficiency, according to the Petra news agency.
Huneiti highlighted the strong relationship between the Jordanian and Lebanese military institutions. Haykal commended the Jordan Armed Forces’ role in supporting regional security and stability, as reported by Petra.
