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Egypt raises fuel prices as part of IMF-backed reforms

  • Egypt will raise petrol prices by up to 15 percent starting Friday, fulfilling conditions from the International Monetary Fund to access millions in loans.
  • Egypt’s official gazette announced the price hike ahead of an IMF review of its $8 billion loan program, with the next tranche being $820 million.
  • As part of its IMF bailout, Egypt plans to gradually eliminate fuel subsidies by the end of 2025, impacting its budget significantly, stated government spokesperson Mohamed El-Homossan.
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