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IMF Lauds Egypt’s Decision to Lower Fuel Prices

A general view of a Mobil gas station in Cairo, Egypt, 04 October 2019. EPA/Mohamed Hossam
A general view of a Mobil gas station in Cairo, Egypt, 04 October 2019. EPA/Mohamed Hossam
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IMF Lauds Egypt’s Decision to Lower Fuel Prices

A general view of a Mobil gas station in Cairo, Egypt, 04 October 2019. EPA/Mohamed Hossam
A general view of a Mobil gas station in Cairo, Egypt, 04 October 2019. EPA/Mohamed Hossam

Egypt has decreased fuel prices for the first time in decades, as it begins linking energy prices to international markets.

Although the drop was only around three percent, Egyptians welcomed the move in hopes for further price cuts.

International Monetary Fund (IMF) Mission Chief for Egypt Subir Lall lauded the pricing committee’s decision on Thursday to lower domestic fuel prices by 25 piasters.

In press statements, he noted that amending the prices of fuel products in Egypt comes in line with the mechanism of automatic pricing that was announced in July.

The mechanism allows for increasing or decreasing the prices of some fuel products every three months partly based on international oil prices, he added.

The price for 92-octane gasoline was lowered to 7.75 Egyptian pounds a liter from 8 pounds, while the cost of 80-octane gas dropped to 6.50 Egyptian from 6.75 pounds.

Egypt signed a three-year, $12 billion Extended Fund Facility on Nov. 11, 2016, after allowing its currency to weaken sharply, implementing a valued-added tax and raising fuel prices to reduce its balance of payments budget and deficits.

Also on Thursday Egypt lowered the domestic price of gas for the cement, metals and ceramics industries.

The domestic price of gas for the cement industry was set at $6 per million Btu from $8 and at $5.50 per million Btu for metals and ceramics sector from $7.

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COP 16 Launches Monday in Riyadh: Advancing a World Free of Desertification

Riyadh is hosting this Monday the 16th Conference of the Parties (COP 16). (Asharq Al-Awsat)
Riyadh is hosting this Monday the 16th Conference of the Parties (COP 16). (Asharq Al-Awsat)
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COP 16 Launches Monday in Riyadh: Advancing a World Free of Desertification

Riyadh is hosting this Monday the 16th Conference of the Parties (COP 16). (Asharq Al-Awsat)
Riyadh is hosting this Monday the 16th Conference of the Parties (COP 16). (Asharq Al-Awsat)

Global attention turns to Riyadh, Saudi Arabia, as it hosts the 16th Conference of the Parties (COP 16) under the United Nations Convention to Combat Desertification (UNCCD). The event seeks to address environmental challenges threatening the planet, intensify efforts to combat land degradation, and reduce the impact of drought.
From December 2 to 13, Riyadh will host representatives from 197 countries, signatories to the UNCCD, to collaborate on effective solutions for rehabilitating millions of hectares of degraded land and building resilience against drought. The conference aims to support policymakers while engaging the private sector and civil society in protecting the environment and conserving natural resources.
COP 16 is the largest meeting in the history of the UNCCD and the first to be held in the Middle East. It also represents Saudi Arabia’s largest-ever multilateral conference and coincides with the 30th anniversary of the UNCCD, established alongside the Rio Conventions on climate change and biodiversity in 1992.
UN Secretary-General Antonio Guterres highlighted the significance of COP 16 as a potential turning point, renewing global commitment to accelerating investments in land restoration and drought resilience. He described it as the largest UN conference on land to date and a landmark event for the Middle East and North Africa.
Saudi Arabia is a key supporter of global environmental efforts. The Crown Prince’s Saudi Green Initiative aims to rehabilitate 49 billion square meters of land. This initiative has gained regional and international support, with Gulf nations already undertaking reforestation and coastal protection projects.
The Conference Program
The conference features an innovative dual-track approach, combining formal negotiations with an action-oriented agenda, according to the COP 16 presidency. This approach aims to address urgent global crises, including desertification, land degradation, and drought, through practical and implementable decisions.
The action agenda will focus on showcasing voluntary initiatives, innovative solutions, and discussions on key topics such as artificial intelligence, sustainable land management, and the social and economic impacts of land degradation. High-level ministerial sessions will explore critical issues, including drought resilience, financing, and the relationship between land degradation, forced migration, and security.
Dr. Osama Faqeeha, Deputy Minister for Environment and advisor to COP 16, emphasized the pivotal role of the conference in tackling global challenges related to land degradation and drought. He noted that Saudi Arabia has introduced the first-ever Green Zone in COP history. This zone aims to engage scientists, businesses, financial institutions, NGOs, and the public in collaborative efforts to drive lasting change.
The COP 16 agenda includes thematic days to focus discussions and accelerate outcomes: December 4: Earth Day, December 5: Food Systems Day, December 6: Governance Day, December 7: Peoples’ Day, December 9: Science, Technology, and Innovation Day, December 10: Capacity Building Day, and December 11: Finance Day.
Saudi Green Initiative Forum
In parallel with COP 16, Riyadh will host the 4th annual Saudi Green Initiative Forum on December 3–4 under the theme “Inspired by Nature”. The forum will gather policymakers, business leaders, and experts from around the world to share best practices, explore innovative solutions, and review progress toward the initiative’s sustainability goals.
Land degradation currently affects approximately 40% of the Earth’s surface, impacting the lives of 3.2 billion people worldwide, according to the UNCCD. Each year, nearly 100 million hectares of land deteriorate, while drought intensity and frequency have risen by one-third since 2000.
Despite the urgent need for action, restoration and resilience efforts remain significantly underfunded. COP 16 aims to prioritize mobilizing public and private financing to accelerate land restoration and enhance global resilience, building a sustainable future for both people and the planet.