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

Sudan Protests to United Nations Over Egyptian Voting in Disputed Area

Egyptian StreetsApril 19, 2018

300 Artifacts on Display at the Egyptian Museum for the First Time in Temporary Exhibition

Egyptian StreetsApril 19, 2018

Egypt’s Military Declares IS Leader is Killed in Sinai

Egyptian StreetsApril 18, 2018

102 Churches to be Legalised in Egypt

Egyptian StreetsApril 18, 2018

Egypt’s Unemployment Rate Drops to 11.8 Percent In 2017

Egyptian StreetsApril 16, 2018

Egypt’s El Gouna International Squash Open Gears Up to Feature Heated Matches

Egyptian StreetsApril 15, 2018

Egypt Extends State of Emergency For 3 More Months

Egyptian StreetsApril 14, 2018

US, UK, France Launch Strikes Against Syria

Egyptian StreetsApril 14, 2018
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.