CAIRO, Oct 2 (MENA) – Prime Minister Mostafa Madbouly said on Thursday that despite an expected rise in fuel prices, the government continues to subsidize energy, allocating LE75 billion for fuel and another LE75 billion for electricity subsidies in the current budget.
He stressed that while subsidy levels are being reduced, they will not be eliminated entirely, allowing funds to be redirected to priority sectors such as healthcare, education and the “Decent Life” initiative.
Speaking at a press conference following the weekly cabinet meeting, Madbouly said the government’s economic reform program was nationally developed and aimed at strengthening Egypt’s economy. He noted the International Monetary Fund (IMF) has acknowledged Egypt’s progress in reducing inflation and boosting foreign reserves.
However, he said the timing of the IMF’s next review was still under discussion due to regional developments, adding, “We agree with the IMF on specific targets, but implementation timelines may shift based on changing circumstances.”
Madbouly confirmed that Egypt remains committed to its IMF-backed reform plan, and that a delegation including the central bank governor and the ministers of finance and planning will attend annual meetings with the fund in the next two weeks.
(MENA)
