Egypt is taking steps to reform its economy to help meet the terms of the $12bn IMF bailout loan agreed last year
Source: Middle East Eye
The Egyptian government has increased the prices of drinking water and sewerage fees up to 50 percent as part of an extensive economic reforms programme aimed at closing the budget deficit.
The decision reported on Thursday goes into effect in August. The rises save a billion Egyptian pounds in subsidies, said Mohi el-Serafi, a spokesman for the country’s water and sewage agency.
Egyptians will be paying between 00.30 and 00.45 Egyptian pounds for the consumption of up to 10 cubic metres of water and from 00.70 to 1.20 Egyptian pounds for up to 20 cubic metres.
Sewerage fees, which are calculated as a percentage of water prices, increased to 63 percent of the water price – up from 57 percent, according to figures published on the Official Gazette.
Egypt is taking steps to reform its economy including flotation of the currency. The measures meet demands by the International Monetary Fund, which secured a $12bn bailout loan to Egypt.