The International Monetary Fund (IMF) announced that Egypt’s reform of fuel subsidies is on track and that it will be completed in fiscal year (FY) 2018/19.

The reform is materializing as the IMF issue the complete fourth review of the Egyptian economic reform program in regards to the $12 billion IMF loan to Egypt.

The Egyptian government is keen to attain full cost recovery for all fuel products, except for liquefied petroleum gas (LPG) and fuel used in power plants and in bakeries by the end of FY 2018/19.

“The authorities have opted for a phased approach to the planned introduction of fuel price indexation for all products indicated at the time of the third review,” the IMF review indicated.