Egypt to increase electricity prices by 19 per cent from next month
The decision announced by the ministry of electricity is the seventh increase by the regime of President Fattah Al Sisi in power since 2014.
The move is however in line with the ministry’s previous decision to increase electricity rates between 3.7 per cent and 39 per cent for households, depending on consumption levels; and between 6.6 per cent and 21.7 per cent for businesses, from June for the 2019-2020 fiscal year.
The North African country is currently facing significant financial difficulty as ongoing covid-19 pandemic caused a dent into government budget.
Financial Minister Mohamed Maait Wednesday indicated nearly 130 billion Egyptian pounds ($8.66 billion) “vanished” from the country’s GDP as a result of the pandemic.
Egypt has recorded at least 38,284 coronavirus cases and 1,342 deaths.