Wed May 3, 2017 8:12am GMTReporting by Abdel Rahman Adel,; Writing by Lin Noueihed; Editing by Giles Elgood
CAIRO May 3 (Reuters) - Egypt's government spent 78 billion Egyptian pounds ($4.32 billion) on fuel subsidies in the first nine months of the 2016-17 fiscal year, up from 41 billion in the same period of the previous year, Oil Minister Tarek al-Molla told Reuters.
The cost of fuel imports has soared since Egypt floated its pound currency in November, allowing it to halve in value against the dollar within weeks.
Egypt plans to gradually reduce fuel and power subsidies as part of reforms aimed at slashing the budget deficit.
February 6, 2017
Giuseppe Acconcia
By March 2017, Cairo will reorganize the oil industry and Egypt's national energy company EGPC, whilst adhering to the demands of the International Monetary Fund, which is preparing to grant the second tranche of the $12 billion loan
The International Monetary Fund (IMF) has ensured that Egypt is complying with its commitments to economic policy made to obtain the second tranche of the $12 billion loan from the international body. The announcement of the delivery of the second instalment will take place at the end of February in Cairo, to coincide with the visit of the IMF board to the Egyptian capital. After six years of political instability that have kept tourists and investors at bay, the IMF has finally decided to grant Cairo the promised loan. The measure was approved in November 2016, with the delivery of the first tranche of $2.75 billion. Chris Jarvis, head of the IMF mission in Cairo, explained that ''although the economic indicators for December have not yet been published, the criteria for obtaining the second part of the loan are expected to have been met''. However, cuts in public spending and increased prices could involve risks to Egypt’s political stability, while reforms required in the oil and energy market are still far from realization.
Fri Oct 7, 2016 | 10:47am EDT
Reporting by Eric Knecht and Abdel Rahman Adel in Cairo, and Jessica Jaganathan; Additional reporting by Rania El Gamal in Dubai and Ron Bousso and Libby George in London, editing by William Hardy)
CAIRO/SINGAPORE Oct 7 Egypt has not received October allocations of petroleum aid from Saudi Arabia, traders told Reuters, forcing its state oil buyer to rapidly increase tenders even amid a severe dollar shortage and growing arrears to oil producers.
Saudi Arabia agreed to provide Egypt with 700,000 tonnes of refined oil products per month for five years under a $23 billion deal between Saudi Aramco and the Egyptian General Petroleum Corporation (EGPC) signed during a state visit this year by Saudi Arabia's King Salman.
