{"id":370837,"date":"2024-07-26T10:26:18","date_gmt":"2024-07-26T13:26:18","guid":{"rendered":"https:\/\/anba.com.br\/?p=370837"},"modified":"2024-07-26T10:26:21","modified_gmt":"2024-07-26T13:26:21","slug":"egypt-raises-fuel-prices-as-part-of-reforms","status":"publish","type":"post","link":"https:\/\/anba.com.br\/en\/egypt-raises-fuel-prices-as-part-of-reforms\/","title":{"rendered":"As part of reforms, Egypt raises fuel prices"},"content":{"rendered":"\n<p>Cairo \u2013 Egypt announced Thursday (25) a 15% increase in petrol prices, part of a reform package requested by the International Monetary Fund (IMF) to proceed with a USD 5 billion loan to the government.<\/p>\n\n\n\n<p>The Egyptian <a href=\"https:\/\/www.petroleum.gov.eg\/en\/Pages\/HomePage.aspx\" target=\"_blank\" rel=\"noopener\">petroleum ministry<\/a> said the price hike would come into effect on Friday (26).<\/p>\n\n\n\n<p>The announcement comes ahead of an IMF meeting on Monday (29) to review the April payout package, unlocking USD 820 million in funds after Cairo received another such tranche of the loan in late June.<\/p>\n\n\n\n<p>Egypt is suffering with ballooning foreign debt driving up inflation and resulting in several consecutive devaluations of the local currency against the dollar.<\/p>\n\n\n\n<p>Inflation peaked at nearly 40% last year, before winding down to 27.5% in June.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Reforms<\/strong><\/h2>\n\n\n\n<p>The IMF has demanded wide-ranging reforms, most notably adopting a liberal exchange regime as well as limiting government spending and incentivizing private investment.<\/p>\n\n\n\n<p>Egypt has also been caught in regional tensions, with attacks on shipping around the Red Sea having also hit revenues from its Suez Canal.<\/p>\n\n\n\n<p>The key waterway, which connects Asia to Europe, normally carries about 12% of global maritime trade.<\/p>\n\n\n\n<p><em>Read more:<\/em><br><a href=\"https:\/\/anba.com.br\/en\/world-bank-allocates-usd-700-million-for-egypt\/\">World Bank allocates USD 700 million for Egypt<\/a><br><a href=\"Egypt%20hikes%20bread%20price%20for%201st%20time%20in%20decades\">Egypt hikes bread price for 1st time in decades<\/a><\/p>\n\n\n\n<p><strong>Reproduction is prohibited<\/strong><\/p>\n<div class=\"credits-overlay\" data-target=\".wp-image-370833\">\u00a9Ahmed Hasan\/AFP<\/div>","protected":false},"excerpt":{"rendered":"<p>Egypt announced a 15% in petrol prices ahead of an IMF meeting to review the payout package. Egypt suffers with inflation and devaluations of the currency. Attacks around the Red Sea hit revenues from the Suez Canal.<\/p>\n","protected":false},"author":2345,"featured_media":370833,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[91],"tags":[10545,48455,4223,50316,1988,50315,1750],"class_list":{"0":"post-370837","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-economy-en","9":"tag-egypt-2","10":"tag-fuel","11":"tag-fuel-prices","12":"tag-imf","13":"tag-petrol","14":"tag-suez-canal"},"wps_subtitle":"Egypt announced a 15% in petrol prices ahead of an IMF meeting to review the payout package. Egypt suffers with inflation and devaluations of the currency. Attacks around the Red Sea hit revenues from the Suez Canal.","_links":{"self":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/posts\/370837","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/users\/2345"}],"replies":[{"embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/comments?post=370837"}],"version-history":[{"count":0,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/posts\/370837\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/media\/370833"}],"wp:attachment":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/media?parent=370837"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/categories?post=370837"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/tags?post=370837"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}