June 12, 2018 / 11:00 AM / 11 days ago

Egypt cuts electricity subsidies, raises prices by avg of 26 pct for FY 2018-19 -minister

CAIRO, June 12 (Reuters) - Egypt on Tuesday announced new cuts to its electricity subsidies, raising prices by an average of 26 percent in the 2018-2019 fiscal year beginning July, Electricity Minister Mohamed Shaker said on Tuesday.

Shaker said electricity costs for factories would rise about 41.8 percent and for households 20.9 percent.

Egypt has committed to deep cuts to energy subsidies as part of a three-year $12 billion IMF loan programme it began in late 2016. (Reporting by Nadine Awadalla Editing by Alison Williams)

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