Electricity Ministry says no electricity price hikes this summer

No blackouts or electricity price hikes are planned for households this summer, Electricity Ministry spokesperson Mansour Abdel Ghani told El Hekaya’s Amr Adib (watch, runtime: 2:52). His statement puts to rest rumors of a hike in electricity prices slated to take effect today. This comes days after the announcement of a 20% price hike for electricity used by energy-intensive commercial activities — like coffee shops and malls — during extended operating hours. The measure serves as an alternative to forced early closures, Abdel Ghani said.

One IMF review remains: The International Monetary Fund’s eighth and final review under our USD 8 bn Extended Fund Facility will start in November and potentially unlock another USD 1.5 bn disbursement, IMF Arab States and Maldives Executive Director and former Finance Minister Mohamed Maait told El Sora’s Lamees El Hadidi (watch, runtime: 1:51). This will coincide with the Fund’s review of our Resilience and Sustainability Facility, which may unlock another USD 136-272 mn. Maait’s statements confirm what EnterpriseAM reported earlier this summer about the timeline of the reviews.

REMEMBER- Egyptian authorities just signed the staff-level agreement on our seventh review with the IMF — unlocking a USD 1.6 bn disbursement pending the board’s green light. According to Maait, we can expect the fresh funds to land over the coming four to six weeks.