Egypt will “by end-December 2018” introduce “an automatic fuel price indexation mechanism” covering all domestic sales of gasoline, diesel, kerosene and fuel oil, Egypt’s central bank governor Tarek Amer and finance minister Mohamed Maait tell IMF chief Christine Lagarde in a 20 June letter published by the IMF as part of its latest report on Egypt on 12 July.
The pledged reforms follow Egypt’s actual hiking of fuel prices by around 50% on 16 June (MEES, 22 June). Both the actual measures and the promise of more to come no doubt smoothed the IMF’s latest review of the Egyptian economy. This completed on 29 June with the IMF approving the latest $2bn disbursement from a $12bn facility agreed in November 2016 (MEES, 6 July). (CONTINUED - 858 WORDS)
