IMF: Egypt Amends Energy Program to Encourage Investment

The International Monetary Fund (IMF) said in a statement last Friday that poor domestic policies in the region and a delay in urgent amendments may lead to deterioration of the economic status of countries, according to State Information Service (SIS) website.

On a positive note, the IMF noted that Egypt is preparing a program for gas distribution through smart cards in order to encourage investments, simplify customs norms and develop logistical services that would increase Egyptian exports by 13 percent.

Egypt is currently amending its energy supply system, the IMF said. Egypt has increased its petrol prices in the period of 2012 to 2013 by 112 percent for luxury cars, it said.

Egypt also increased oil prices for the heavy industry by 50 percent, while electricity prices for families went up by 16 percent in January 2013. The price of gas and oil used for electricity production rose by 33 percent, the IMF said.