July 2, 2019
In conjunction with the start of Egypt’s new fiscal year, July 1 2019 to June 30 2020, the price of electricity has increased by an average of 14.9 per cent.
The highest rate of increase in prices came from the three lowest consumption groups, which consume between 50 and 200 kWh per month, ranging from 32 to 35 per cent, according to the Ministry of Electricity last May.
Electricity is not the only commodity that will rise with the new fiscal year under the policy of slashing subsidies. The Egyptians are waiting for the ministries of oil and finance to announce new increases in the price of gas and diesel.
The beginning of the fiscal year also means that the minimum wage will raise from EGP 2,000 from EGP 1,200 pounds and the minimum pension will rise to EGP 900 from 700 pounds.
The new budget comes with a total expenditure of about EGP one trillion and 575 billion, while revenues in the budget are about EGP one trillion and 157 billion, 75 per cent of taxes.