Egypt Daily News – The Executive Board of the International Monetary Fund will meet tomorrow, Monday, to approve the disbursement of the third tranche worth $820 million to Egypt, coinciding with Egypt raising fuel prices, according to its website.
The International Monetary Fund had postponed the Egypt meeting from July 19 to the 29th, Monday, to approve the disbursement of the third tranche of the total loan amounting to $8 billion due to failure to implement some required procedures, said Ivana Vladkova Hollar, head of the IMF mission in Egypt.
Last April, the International Monetary Fund disbursed to Egypt the second and third tranches worth $820 million of Egypt’s loan after completing the two reviews postponed from March and September 2023.
Rationalizing the prices of fuel – gasoline, diesel – and electricity is one of the most important demands of the International Monetary Fund, in addition to maintaining the flexibility of the exchange rate of the pound against the dollar to ensure the continued implementation of the loan with Egypt amounting to $8 billion to finance the economic reform program.
The Petroleum Products Pricing Committee decided, as of Thursday, for the second time in 2024, to raise the selling price of a liter of diesel to 11.5 pounds from 10 pounds, and a liter of gasoline 80 to 12.25 pounds, compared to 11 pounds.
The price of a liter of 92 gasoline was raised to 13.75 pounds from 12.5 pounds, and a liter of 95 gasoline to 15 pounds from 13.5 pounds.
