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Egypt Economic Plan Presented to Cabinet Today, Al Mal Says

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Oct. 21 (Bloomberg) -- The technical committee working on Egypt’s new economic plan is presenting its suggestions to the Cabinet today, including details of energy subsidy and tax reforms, Al Mal reported, citing an unidentified source with knowledge of the matter.

Egypt is preparing the plan ahead of a possible agreement for a $4.8 billion loan with the International Monetary Fund. Suggestions by the committee will include raising taxes on cigarettes by 0.5 piastres, completely removing subsidies on 95-octane gasoline and changing the price of electricity used in households and fuel oil used in factories, Al Mal reported.

To contact the reporter on this story: Nadine Marroushi in Cairo at nmarroushi@bloomberg.net

To contact the editor responsible for this story: Andrew J. Barden at barden@bloomberg.net

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