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Market
Will Egypt raise fuel prices again by the end of 2024?
3
Resolution / Starting Odds
Yes • 50%
No • 50%
Official announcements from the Egyptian government or credible news sources such as Reuters, Bloomberg, or Al Jazeera
Story
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.
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