News

Globally Renowned Consulting Firms to Lead Reform of Egypt’s Ministry of Petroleum

Globally Renowned Consulting Firms to Lead Reform of Egypt’s Ministry of Petroleum

Stock image

Egypt’s state oil firm, the Egyptian General Petroleum Corporation (EGPC), is eyeing four major global consulting firms for the development of a medium-term reform strategy for the Ministry of Petroleum.

McKinsey & Company, Ernst & Young, Navigant Consulting and PricewaterhouseCoopers have been shortlisted for the tender, with the firms expected to submit their proposals by mid-March 2017.

The scope of work will include oil subsidization, operational reform and arrears management strategy development. It has already been agreed that the World Bank will fund the services of the successful bidder on behalf of the Egyptian government.

The tender is being held as a part of the government’s $US 12 billion, three-year loan deal with the IMF and in alignment with the IMF’s reform program. The IMF’s reform program considers energy subsidy reforms a key driver for freeing up resources to face high government deficit and public debt along with exchange rate liberalization, value-added tax implementation and better control over the public sector wage bill.

The government’s current plan is to lift all fuel subsidies in 2018/19. The IMF staff report suggests that these measures are expected to reduce debt from about 95 percent of Gross domestic product (GDP) in 2015/16 to around 86 percent by 2018/19 and 78 percent by 2020/21.

Russia to deliver 50 MiG-29 fighters to Egypt on Schedule: Report
11 Sentenced to Death for Port Said Massacre, Celebrations Held

Subscribe to our newsletter


News

Seif Ghallab is an analyst at GlaxoSmithKline based in London. He is also the Founder of Take-Off Egypt, a social enterprise with a vision to eliminate nepotism in the Egyptian internship scene. He graduated with an Honors degree in Mechanical Engineering from the University of Manchester and writes for Egyptian Streets about Business, Economics and Technology as a writer.

More in News

Mohamed Salah: ‘We Need to Change the Way We Treat Women in Our Culture’

Egyptian StreetsApril 18, 2019

National Referendum on Constitutional Amendments to Take Place from Saturday to Monday

Egyptian StreetsApril 18, 2019

Parliament Approves Constitutional Amendments Extending Presidential Term

Egyptian StreetsApril 16, 2019

Independent Egyptian News Site ‘Mada Masr’ Named 2019 Free Media Pioneer

Egyptian StreetsApril 16, 2019

Egypt Expresses Sorrow and Solidarity Over Notre Dame Blaze

Egyptian StreetsApril 16, 2019

Egyptian Women Awarded Pulitzer Prize for the First Time

Aya NaderApril 16, 2019

Sisi Backs Libya’s Haftar in Fighting Terrorism and Achieving Security

Egyptian StreetsApril 15, 2019

CAPMAS: Car Accidents in Egypt Down by 23.6 % in 2018

Egyptian StreetsApril 14, 2019
Egyptian Streets is an independent, young, and grass roots news media organization aimed at providing readers with an alternate depiction of events that occur on Egyptian and Middle Eastern streets, and to establish an engaging social platform for readers to discover and discuss the various issues that impact the region.

© 2017 Egyptian Streets. All Rights Reserved.