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Egypt to Delay Electricity Price Hike by Six Months

Egyptian Prime Minister Mostafa Madbouly, speaks during a news conference to announce the Egyptian state's vision to deal with the global economic crisis at the headquarters of the Investment Authority in Cairo, Egypt May 15, 2022. (Reuters)
Egyptian Prime Minister Mostafa Madbouly, speaks during a news conference to announce the Egyptian state's vision to deal with the global economic crisis at the headquarters of the Investment Authority in Cairo, Egypt May 15, 2022. (Reuters)
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Egypt to Delay Electricity Price Hike by Six Months

Egyptian Prime Minister Mostafa Madbouly, speaks during a news conference to announce the Egyptian state's vision to deal with the global economic crisis at the headquarters of the Investment Authority in Cairo, Egypt May 15, 2022. (Reuters)
Egyptian Prime Minister Mostafa Madbouly, speaks during a news conference to announce the Egyptian state's vision to deal with the global economic crisis at the headquarters of the Investment Authority in Cairo, Egypt May 15, 2022. (Reuters)

Egypt's government will postpone a decision whether to increase electricity prices by six months starting in July, Prime Minister Mostafa Madbouly said on Wednesday.

Egypt has experienced increasing price pressures in recent months and devalued its currency by 14% in March after facing economic headwinds from the war in Ukraine.

Annual headline inflation accelerated to 13.3% in May, having risen steadily from 5.9% in December.

The government would bear the 10 billion EGP ($533.9 million) cost of postponing the electricity price rises, Madbouly said, in addition to the cost of commodity price rises.

On Monday, President Abdel Fattah al-Sisi said authorities were working to mitigate inflationary pressures, despite the impact on Cairo's strained budget.

Egypt had previously announced plans to eliminate power subsidies by the end of the current fiscal year of 2021/22, but in June 2021 announced a three-year extension.

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Sultan of Oman Stresses Private Sector’s Role, Alongside Government, in Employing Citizens

Sultan Haitham bin Tariq met on Monday at Al-Baraka Palace with business leaders, owners of SMEs, and startup representatives. (ONA)
Sultan Haitham bin Tariq met on Monday at Al-Baraka Palace with business leaders, owners of SMEs, and startup representatives. (ONA)
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Sultan of Oman Stresses Private Sector’s Role, Alongside Government, in Employing Citizens

Sultan Haitham bin Tariq met on Monday at Al-Baraka Palace with business leaders, owners of SMEs, and startup representatives. (ONA)
Sultan Haitham bin Tariq met on Monday at Al-Baraka Palace with business leaders, owners of SMEs, and startup representatives. (ONA)

Sultan Haitham bin Tariq of Oman emphasized the role of the private sector in creating job opportunities for Omanis, urging businesses to make use of the economic incentives provided by the government to support local employment.
During a meeting on Monday at Al-Baraka Palace with business leaders, owners of small and medium enterprises, and startup representatives, Sultan Haitham affirmed that addressing unemployment is the top priority for the government.
He underscored the private sector’s responsibility to join efforts with the government in providing employment, training, and development for citizens by leveraging government incentives, programs, and initiatives aimed at supporting the private sector.
Discussing the banking sector, he highlighted its importance as a “cornerstone of modern economies and a key player in economic growth and shaping the business environment.”
The Sultan also pointed to the adoption of the national policy on local content, which aims to enhance the competitiveness and growth of the national economy. He stressed the importance of the private sector’s role in advancing this policy by localizing industries, prioritizing local products in purchasing and tenders, thereby creating job opportunities for Omanis, reducing import dependence, boosting exports, and increasing the GDP.
Sultan Haitham reviewed Oman’s financial and economic performance, noting the positive outcomes achieved through effective government-private sector partnerships. These partnerships have contributed to GDP growth and the continued improvement of Oman’s credit rating, which in turn enhances business and investor confidence, creating an attractive investment climate that supports the growth of various economic sectors.
He also called for strengthened partnerships between the government and private sector to ensure a favorable environment for investment and local economic development.
Sultan Haitham commended the efforts of the Financial and Economic Committee in the Council of Ministers, the Ministry of Commerce, Industry and Investment Promotion, and the Authority for Small and Medium Enterprises Development.
In coordination with the Oman Chamber of Commerce and Industry, these entities hold regular meetings with business leaders and investors to continuously address the challenges facing the private sector, particularly small and medium enterprises, and work towards viable solutions.