Egypt plans to end fuel subsidies within three years, and is aiming to hike fuel prices by 65 percent in the 2016/17 fiscal year. The northeastern country has been struggling to revive its economy after the 2011 uprising that had devastating effects on tourism and foreign investments.
Egypt has reached a staff level agreement with the International Monetary Fund for a $12 billion three-year loan programme which is subject to final approval by the IMF executive committee.
The cost of petroleum subsidies fell to 55 billion Egyptian pounds ($6.2 billion) in 2015/16 from 71.5 billion pounds the previous year. Egypt is now aiming to lower subsidies for petroleum products to about 35 billion pounds this financial year. Read the full story here.