*Egypt raised the costs of all three grades of gasoline and diesel on 25 July as strain from the IMF mounts on Cairo to enact painful but needed subsidy reform if it hopes to unlock additional tranches of its newly renegotiated $8bn mortgage with the fund (MEES, 8 March). As a part of the negotiations that secured this deal, Cairo pledged to regulate costs in keeping with a mechanism linked to Brent crude on the “final day of month after quarter finish” (MEES, 3 Might).
*The IMF has made subsidy reform a key pillar of its newly renegotiated mortgage settlement with Cairo and analysts had not too long ago speculated that it was withholding the newest $820mn tranche till it noticed extra motion on the matter (MEES, 19 July). The IMF will likely be assembly on 28 July to vote on whether or not to launch the money and Cairo will likely be hoping this new transfer to lift costs will likely be sufficient to persuade the fund that it’s severe about subsidy reform. (CONTINUED – 470 WORDS)
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