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Egypt Introduces Price Index For Fuel To Revive Economy

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Egypt Creates New Gasoline Price To Revive Economy

Egypt has created a new 95-octane gasoline automatic price index mechanism as part of a reform programme geared towards reviving the economy.  The move is aiming to link gasoline prices to global oil prices.

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Oil ministry spokesperson Hamdy Abdel-Aziz says the new mechanism will start in April and that 92-octane and 80-octane gasoline will not be affected. The government says, technical committee will be established to review the pricing mechanism every three months.

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This is one of the latest economic reform program aimed at qualifying for a $12 billion bailout loan from the IMF, which Egypt secured in 2016.

READ:  Egypt Voters Approve Referendum Extending President's Rule

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African Summit Gives Sudan Military Three Months To Implement Reforms

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African Summit Gives Sudan Military Three Months To Implement Reforms

African leaders have agreed, at a meeting in Cairo on Tuesday, to give Sudan’s ruling military council three months to implement democratic reforms, and a quick restoration of the constitutional system through a political process, amid pressure for a handover of power to civilians.

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The decision extends a 15-day deadline set by the African Union last week for Sudan’s Transitional Military Council (TMC) to hand over power or be suspended from the A.U. TMC took over after president Omar Al-Bashir was ousted earlier this month.

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The TMC has been under pressure from demonstrators to hand power to civilians immediately.

Egypt`s Abdul Fatah Al Sisi, who holds the rotating African Union presidency, said at the end of the summit in Cairo, they have agreed on the need to give more time to Sudanese authorities and Sudanese parties to implement required measures.

READ:  Egypt's Lawmakers To Amend Bill Granting Al-Sisi's Rule Till 2022

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Mozambican Authorities Warn Of A Possible Tropical Storm Hit

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Mozambican Authorities Warn Of A Possible Tropical Storm Hit

Mozambican authorities have warned of a tropical storm that could hit the country this week, just one month after cyclone Idai ravaged the nation. The next organized tropical cyclone, to be named Kenneth could also affect Tanzania.

READ:  Egypt Voters Approve Referendum Extending President's Rule

The National Institute for Disaster Management’s spokesman, Paulo Tomás says, they will keep abreast of the evolution of the weather system.

Last month, cyclone Idai killed at least 960 people in parts of Mozambique, Malawi and Zimbabwe, leaving some 3 million people in need of humanitarian assistance.

READ:  Egypt's Lawmakers To Amend Bill Granting Al-Sisi's Rule Till 2022

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Egypt Voters Approve Referendum Extending President’s Rule

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Egypt Voters Approve Referendum Extending President's Rule

Egypt’s election commission has announced, 88% of voters had approved changes to the constitution that could allow president Abdul Fattah Al-Sisi stay in power until 2030. The amendments would also give the president new powers over the judiciary.

The commission says, voter turnout during the three-day referendum was nearly 44 and a half percent and almost 90 percent approved the amendments while 11.17 percent voted no.

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The amendments will extend Sisi’s current term to six years from four and allow him to run again for a third six-year term in 2024 and to appoint one or more vice presidents.

READ:  Egypt Voters Approve Referendum Extending President's Rule

His critics questioned the credibility of the turnout figure announced and are asking how can a constitution be changed to fit one person.

Sisi’s supporters say he has stabilized Egypt and needs more time to reform and develop the economy.

READ:  Egyptian Court Sentences 6 People To Death Over Militant Attack

After the announcement was made, Al-Sisi sent the message quote “I am your god.”

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