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

Cairo’s International Book Fair Returns for its 53rd Edition

Farah Rafik18 January 2022

Sawsan Badr to Recieve Award at 6th Aswan International Women Film Festival

Farah Rafik18 January 2022

Activist Marwa Kenawy Petitions Against Pardoning of her Son’s Convicted Killers

Fadila El Karrany17 January 2022

South Korea’s President to visit Egypt for the First Time in 16 Years

Farah Rafik17 January 2022

At 12 Years Old, Egyptian-American Sawsan Ahmed Graduates University

Fadila El Karrany17 January 2022

The Cairo Palace of Arts Hosts the 32nd Youth Salon

Farah Rafik16 January 2022

‘Nour’ Journal by Arab Women Writers Digitalized for the Public

ES Buzz14 January 2022

Prominent Public Figures Wael al-Ibrashi and Tahany el-Gebaly Pass Away Due to COVID-19

Mona Abdou10 January 2022