Egypt Raises Fuel Prices by 15% Ahead of IMF Review, Unlocks $820 Million

Jul 29, 2024, 10:31 PM

Egypt has raised domestic fuel prices by up to 15% just days before the International Monetary Fund (IMF) conducts a review of the country's expanded $8 billion loan program. The price hike, effective immediately, is part of ongoing efforts to trim state subsidies under a new agreement with the IMF. Following the review on July 29, the IMF completed its third review of Egypt's extended fund facility, unlocking $820 million in financial support for the country. The IMF highlighted that Egypt's recent economic reforms are beginning to restore macroeconomic stability.