Egypt raises fuel prices in line with IMF rules

--It is the fifth and final hike in petrol prices as Egypt prepares to receive the last $2bn tranche from IMF

CAIRO: Egypt increased fuel prices on Friday in its latest round of subsidy cuts under a reform package agreed with the International Monetary Fund, authorities said.

The latest cut in fuel subsidies is a condition

of a $12 billion loan secured from the IMF in November 2016.

It is the fifth and final hike in petrol prices

as Egypt prepares to receive the last $2 billion tranche from the monetary
body.

Since President Abdel Fattah al-Sisi took power

in 2014, his government has enforced a strict austerity programme designed to
jump-start the economy.

The economy took a battering in the immediate

aftermath of the revolution that ousted long-time autocrat Hosni Mubarak in
2011.

Direct foreign investment has grown to record

levels but the country's debt and essential household costs have ballooned.

In May, electricity bills were raised by around

15pc.

Egyptians have had to contend with

belt-tightening measures that have seen living costs soar since the pound was
devalued in November 2016.

The Washington-based body commended Cairo in

April for its "substantial progress".