Energy Markets
IMF: Egypt will cut fuel subsidies by December to cost recovery levels
The International Monetary Fund (IMF) said that Egypt is committed to reducing its energy subsidies in order to achieve cost recovery by the end of December, as it works towards reducing a large current account deficit. Ivanna Hollar is the IMF mission head for Egypt. She told reporters that the IMF's commitment to reduce subsidies made in summer 2024 remained unchanged. The authorities have committed themselves to bringing the cost of fuel products up to cost recovery levels by December 2025. This commitment has not been altered and is still the current commitment to bring retail fuel prices up to...