Madbouly: Electricity Subsidies to be Lifted Gradually over 4 Years

Egyptian Prime Minister Mostafa Madbouly said that the plan to remove electricity subsidies  will be implemented gradually over 4 years and will not affect the low-income brackets significantly.

He added in a press conference today that the fuel consumption bill withdrawn from the Ministry of Petroleum for power stations amounts to EGP 16 billion per month, of which the Ministry of Electricity pays EGP 4 billion and the state bears the rest.

He continued, "We are moving gradually in the energy support file so that it does not quickly reflect on the inflation figures, explaining that the state bears EGP 450 million daily in support of petroleum products."

He added that Egypt is one of the largest economies in the region and in less than 20 years it will be one of the 10 largest economies in the world, and we are targeting growth rates exceeding 5% during the coming period and returning to pre-Corona equipment.

He said that the current fiscal year is the year of recovery of the Egyptian economy, and the government's vision is to take measures that help control the debt.

He stressed that the government is seriously considering offering the management and operation of Egyptian airports to international companies to improve their services.

He said, "It is very important for the government to gain the trust of the citizen, and no government wants to make decisions that reduce its popularity. Indeed, we have postponed some decisions, but it is difficult to continue with these burdens."

He added, "Five months ago, we had no hope of getting out of the dark tunnel, and of course there are mistakes. We do not throw all the repercussions on international complications, but external developments have also had a strong impact on Egypt."