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The Egyptian government hiked up fuel and cooking gas prices Friday, in another round of subsidy cuts designed to overhaul the country's ailing economy and meet the requirements of a large bailout from the International Monetary Fund.The price of 92 octane gasoline increased by about 18 percent, from 6.75 to 8 Egyptian pounds (from almost 41 to 48 cents) per liter.In 2016, Egypt had agreed to slash a range of energy subsidies and economic reforms in exchange for the $12 billion IMF loan.As Egypt was implementing the International Monetary Fund-dictated reforms, the inflation rate reached an all-level high of nearly 30 percent in 2017 before going down to 14.4 percent in 2018, according to the government's official figures.
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