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Egypt Prime Minister Paves the Way for Imminent Price Hikes

November 5, 2016
REUTERS/Amr Abdallah Dalsh

Prime Minister Sherif Ismail paved the way for a hike in prices of some products and services, including metro fares, heralded by the decision to float the Egyptian pound. In a press conference Friday, Ismail said economic reforms come at a price and that those decisions could not be further delayed. The conference brought together Ministers of Petroleum, Supply, Investment and Social Solidarity, among others to explain the consequences of the currency floating. While the Cairo Metro Authority said on Friday that there are no decisions yet taken to increase ticket prices, MENA reported, Ismail maintained that “the metro prices cannot stay as they are if we want to deliver the same quality of service.” The conference culminated with six main decisions, including lifting the tariffs on sugar imports, increasing the value of ration cards up to EGP 21 from EGP 18, increasing the price of wheat supply from farmers from EGP 420 to EGP 450 and the price of sugar cane up to EGP 500 in the next harvest season. This is in addition to widening the age bracket in the Takaful and Karama support program to include 60-year-olds…


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