By, Index analysis
The government is moving to raise the price of subsidized bread: Is this one of the conditions for passing the new installment of the Fund’s loan?!
At a time when the International Monetary Fund mission is visiting Cairo, during the third review, and after President Sisi’s statements about the large number of the cost of bread subsidies, the Egyptian government revealed its tendency to move the price of a loaf of bread in Egypt to reduce the gap with the high cost of subsidies, according to statements by Prime Minister Mostafa. Madbouly, in return, confirmed that support for bread loaf “will continue.”
Madbouly said, during his tour of industrial projects in the New Borg El Arab area in Alexandria Governorate, that “movement must be taken to make the selling price of the loaf commensurate with the terrible cost increases,” explaining: “Egypt produces 100 billion subsidized loaves of bread annually, and we sell the loaf for only 5 piasters, meaning that we get from Total sales amounted to 5 billion pounds.
Stop cutting off electricity at the end of the year
In a context related to the needs of citizens, specifically related to the power outage crisis, Madbouly said: “We asked the Ministries of Petroleum and Electricity to stop reducing loads by next November or December at the latest.”
The Prime Minister promised to pay 20% to 25% of the debt of foreign oil companies within two weeks. The Egyptian News Agency | Index revealed during its analytical coverage last week that the Egyptian government plans to pay a “new” 20% of the dues of foreign oil and gas companies operating in the country during next June, after the dues of foreign companies working in the exploration, prospecting and extraction of oil and gas reached the “Egyptian Authority.” General Petroleum Company” for about $4.5 billion, according to the International Monetary Fund.
Of course, it is not a coincidence that all these statements and procedures coincide with the IMF mission, and they seem to be some conditions for passing the new installment of the loan
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