Fuel and tax to be increased – Ali Sabry and team to Washington
Posted on April 9th, 2022
Courtesy Hiru News
Finance Minister Ali Sabry says he and a delegation including the Central Bank Governor and the Finance Minister Secretary along a team of technical experts will leave for Washington on the 18th to hold talks with the International Monetary Fund.
The Minister said that the selection of financial and legal consultants for the government’s international debt restructuring program is expected to be completed within the next 21 days.
Ali Sabry said that fuel prices and taxes would be increased in the next six months and that reforms related to loss-making state enterprises would be expected to be implemented.
The Minister of Finance said that although these decisions were not popular, they should be made reluctantly to overcome the current economic crisis.
Ali Sabry revealed that another $ 500 million loan facility is expected from India to obtain fuel.
In addition, another $ 1.5 billion loan facility and a $ 1 billion loan from China are expected, the Finance Minister said.
It was revealed that another $ 3 billion in foreign aid is needed to purchase essential food, fuel and medicine.
The Minister of Finance Ali Sabry stated that the main objective was to restore the supply of fuel, gas and medicines.