Egypt is seeking to increase its hard currency revenues, as a result of the rise in interest rates on the dollar.
Egypt’s financing needs are increasing despite record revenues achieved from the Suez Canal Authority, which reached USD 7 billion in the last fiscal year, remittances from Egyptians abroad that exceeded USD 31 billion, and gas export revenues that surpassed USD 4 billion in the first four months of 2022.
In this context, the Egyptian government is seeking to augment the export rates of gas, through measures to rationalize electricity consumption, which will increase the country’s income in US dollars.
The proportion of gas-fired power plants in Egypt is about 60 percent, while coal and renewable energy are used in other factories.
According to a statement by the Cabinet on Tuesday, Prime Minister Mostafa Madbouly held a meeting to follow up on the executive steps to activate electricity rationalization procedures, with the aim of exploiting and exporting the gas that is pumped into power stations.
“We are currently working to increase our capabilities to export the largest amount of gas,” Madbouly said, adding that the government started implementing a national plan to rationalize electricity consumption to achieve the state’s objectives in order to increase income in foreign currencies.
The prime minister also called on citizens to reduce their personal consumption of electricity, following the example of ministries, governorates and various government agencies that are cutting back on power.
The government will issue executive decisions in this regard, he added.
