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Egypt is about to end subsidies on most fuels by June 15 as part of a reform program led by the International Monetary Fund, said Saturday the body based in Washington.
The economy of the most populous country in the Arab world suffers from political instability and security threats since the 2011 uprising overthrew longtime President Hosni Mubarak.
Cairo has obtained a loan of $ 12 billion over three years from the IMF in 2016.
The Egyptian authorities "remain determined" to end the subsidies granted to limit prices at the pump, announced the IMF in a new report.
The prices of liquefied petroleum gas (LPG) and fuels used in bakeries and for electricity generation would not be affected, he added.
Bread is a staple in Egypt, and rising prices could fuel discontent with continued economic difficulties.
The IMF said reducing subsidies was "essential to encourage more efficient use of energy" and to "create fiscal space for high priority spending on health and education".
In February, the IMF approved the next installment of a $ 2 billion loan to Cairo, citing the "substantial progress" made by the Egyptian authorities in reforms, which boosted growth and reduced unemployment.
IMF head Christine Lagarde also urged Egypt "to pursue structural reforms that facilitate private sector-led growth and job creation".
The latest installment brought the total amount paid to Egypt to about $ 10 billion since the signing of the loan agreement in November 2016.
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Last updated: Sunday, April 7, 2019 KSA 08:28 – GMT 05:28
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