Egypt not to raise electricity tariffs for year

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The Egyptian government decided not to fully raise electricity tariffs to households for a year by affording an additional amount of EGP 43 billion, Prime Minister Mostafa Madbouly said in a press conference on November 3rd.

This decision comes after the government agreed to not apply the plan for increasing electricity prices as well as the exceptional social protection package worth EGP 67 billion.

The social protection package will be applied this month once the decree related to this law is issued, Madbouly added.

President Abdel Fattah El-Sisi directed the government to accelerate the activation process of the recommendations of the Egyptian Economic Conference, especially the EGP 67 billion social protection package, the Prime Minister noted.

El-Sisi also urged the armed forces, police, governors, and the Ministry of Supply to expand in distributing boxes full of essential commodities at subsidized prices for citizens, Madbouly said.

Moreover, Madbouly indicated that customs clearance has been positively eased after the Central Bank of Egypt’s (CBE) recent decisions regarding the monetary policy.