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Egypt 'must' increase fuel prices, says El-Sisi A decision on Friday to increase fuel and electricity prices is necessary to prevent Egypt from drowning in debt, says President Abdel-Fattah El-Sisi
Egypt's President Abdel-Fattah El-Sisi says the sudden move to increase fuel prices is a "must" to face the debt plaguing the country, Al-Ahram's Arabic website reported on Sunday. The increase in fuel and electricity prices, issued late on Friday, comes after El-Sisi ratified Egypt's annual budget with energy subsidies in mind. The new budget managed to trim the country's deficit byLE48 billion to register LE240 billion – or 10 percent of gross domestic product (GDP) – featuring a LE44 billion cut in energy subsidies. In a meeting with the editors-in-chief of Egypt's most prominent newspapers on Sunday, the former military chief described a now-or-never situation, arguing that these economic decisions have to be made, despite public opinion, instead of letting the country drown in debt estimated at LE3 trillion. Using terms like "confrontation" to describe tackling the economy, he also added that Egypt as well as the region is in a state of "war" and asked the editors not to separate Egypt from what is happening in neighbouring countries. Egypt's political parties haveexpressedweariness with the sudden rise in fuel prices, with some agreeing with the economic strategy but denouncing its timing. During Sunday's meeting, El-Sisi pointed out that not all of the government's fuel subsidies have been lifted, as there is still a LE2 subsidy on every litre of petrol and LE4 on every litre of diesel. He said he isn't looking for fake popularity or one that can easily erode with no concrete basis. http://english.ahram.org.eg/News/105589.aspx
