(MENAFN) Egypt was confirmed to have reached a decision to impose hikes on prices of electricity by 6.6-18 percent depending on consumption, effective July 1st.
Minister of Electricity and Energy Mohammed Shaker explained that this decision is part of an economic reform program Egypt commenced for an economic rebound.
According to the minister, "the government aims to cut electricity subsidies to around 1.3 billion U.S. dollars a year from the current level of around 2.9 billion U.S. dollars."
In 2018, the Egyptian government imposed increases on electricity prices ranging from 18 to 42 percent.