Wickremesinghe, Premadasa, and Dissanayake are the main contenders for the post
world6 hours ago
Cairo travellers faced price rises of as much as 30% for tickets on the city's metro on Thursday after the public transport operator hiked charges in response to a fuel price hike last week.
Egypt's National Authority for Tunnels, which has overall responsibility for managing Greater Cairo's public rail transport system, raised metro prices by more than 30% to 8 Egyptian pounds ($0.16) for shorter trips and by 25% for longer trips to 15 pounds, local media and users said.
Egypt last Thursday raised the prices of fuel products by up to 15%, its second increase since the International Monetary Fund expanded its loan program by $5 billion in March, in an agreement where the country pledged to rationalise spending, including by lifting fuel subsidies.
The government often defends raising metro ticket prices by citing billions of pounds of losses on the network and increasing operational costs. But investment in ambitious infrastructure projects is also a major cost.
The country’s annual budget shows that the authority relies heavily on local and external borrowing, amounting to more than 176 billion Egyptian pounds in fiscal year 2024/25, to fund several transportation mega projects, including the world’s longest monorail line.
The IMF on Monday announced the completion of a review allowing Egypt to withdraw $820 million, stating that efforts to restore macroeconomic stability were beginning to bear fruit but urged further progress in curbing public investment and the dominance of state-owned enterprises.
ALSO READ:
Wickremesinghe, Premadasa, and Dissanayake are the main contenders for the post
world6 hours ago
His visit to Cairo aimed to salvage stalled negotiations mediated by Egypt, Qatar and the United States to end the conflict
world1 day ago
Hundreds of pagers belonging to the armed group exploded in Lebanon on Tuesday, killed 12 people, including two children, and wounded up to 2,800 others
world1 day ago
Over a week ago, India had reported its first case in a man who had arrived from western Africa in Delhi
world1 day ago
Government faces challenge of accelerating IMF reforms
world1 day ago
Thailand reported three more deaths on Wednesday, taking the toll in the kingdom to 18, with a total of 537 fatalities now confirmed across the region
world1 day ago
The FDA's breakthrough tag is given to certain medical devices that provide treatment or diagnosis of life-threatening conditions
world1 day ago
Around 100 of these chemicals are considered to be of 'high concern' to human health, according to lead study author Geueke
world1 day ago