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Egypt's government hikes power prices by up to 42%

Egypt's government hikes power prices by up to 42%

ArabFinance: The Egyptian government has announced that electricity prices will increase by up to 42% for households.

This is part of a state reform programme that will include removing power subsidies entirely over the next few years.

The new tariffs range from 18 to 42 percent, depending on consumption levels and will take effect as of this month's bill.

The government is making this move to repair its finances, as part of a reform programme hailed by the I-M-F. Egypt began a programme of price increases in 2014 to gradually lift domestic electricity subsidies.

They were meant to be eliminated entirely over the next two years, but the phase-out plan has been extended to 2021 due to the country's current economic climate.

 

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