Egypt increases electricity prices by 14.9 percent

Image result for Egypt increases electricity prices by 14.9 percentEgypt’s electricity minister, Mohamed Shaker, said electricity prices have been increased by 14.9 percent to spur economic recovery 

Shaker said the further price raise is part of the austerity measures aimed at getting the country’s economy back on track.

The latest price hike, which is due to come into effect in July, is tied to a $12 billion bailout loan from the International Monetary Fund secured in 2016.

Electricity prices were raised by an average of 26 percent last July and by 40 percent in July 2017.

The economy of the Arab world’s most populous country has been hit by political instability and security threats since the 2011 uprising that ousted leader Hosni Mubarak.

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