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TEHRAN, May 21- Egypt says it will raise electricity prices for households and businesses by an average of 15 percent, the latest in a series of austerity measures aimed at boosting the economy.
TEHRAN, Young Journalists Club (YJC) - Electricity Minister Mohammed Shaker said Tuesday that rates will be raised in July.
He says the government aims to cut electricity subsidies to around $1.3 billion a year from the current level of around $2.9 billion. The government raised electricity prices last year by an average of 26 percent.
Egypt agreed to slash a range of energy subsidies in exchange for a $12 billion bailout from the International Monetary Fund in 2016. The economic reforms have aided Egypt's recovery from the years of unrest following the 2011 uprising, but have exacted a heavy toll on the poor and middle class.
Source: AP
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