According to the recent report issued by the Energy Sector Management Assistance Programme (ESMAP) which is administrated by the World Bank (WB), Egypt’s economy was adversely affected by a growing energy deficit, in the aftermath of the Arab Spring , slowing economic growth, increasing poverty, and socioeconomic transition. Egypt faced growing fiscal pressures. With fossil …
For the Federation of Egyptian Industries (FEI), considering fuel subsidies was a significant step toward genuine economic reform which began with the floatation of the Egyptian pound, putting Egypt on the threshold of the required economic growth. The head of Petroleum and Mining Industries Chamber at the FEI, Tamer Abo Bakr, informed Daily News Egypt …
All the actions which have been taken since November 2016 until now definitely aim to boost economic growth, reform the Egyptian economy, according to the Secretary of Petroleum and Fuel Division at Federation of Egyptian Chambers of Commerce (FECC) Mohamed Abdel Moneam. He added that phasing out fuel subsidies is an essential procedure for the …
Research company foresees primary deficit of 1.1% of GDP in current FY
The government pledged to the IMF to raise fuel prices and apply a smartcard system
The government announced approval for the new budget on Monday after reducing the deficit to approximately EGP 240bn, in large part due to new measures rationing petroleum subsidies.
Mobil and Shell fuel stations nationwide equipped with experimental smartcards to test efficacy of system
Cards aimed at cutting smuggling, recording consumption
Egypt’s fuel shortages are forcing many businesses to shut down, sparking tensions between consumers at gas stations as they park their cars for hours waiting for gas
