Greece beats its budget target for 3rd year, debt edges down

Athens Parliament building (AFP)
Updated 23 April 2018
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Greece beats its budget target for 3rd year, debt edges down

ATHENS, Greece: Greece has beaten its bailout budget targets for a third successive year and eased its massive debt burden by a fraction as the country prepares to exit its international rescue program in four months.
The country’s independent statistics agency on Monday reported long-awaited data for 2017 that will affect ongoing negotiations between Athens and creditors on the terms of Greece’s exit.
The agency reported that the 2017 primary budget surplus — the balance before debt repayment is included— stood at 4 percent, while the national debt stood at 178.6 percent of gross domestic product, down from 180.8 the previous year.
Economic output was 177.7 billion euros ($218 billion), confirming a return to growth, but still almost a billion euros lower that annual output in 2014.


Egypt to raise power prices by 14.9%

Updated 18 min 27 sec ago
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Egypt to raise power prices by 14.9%

CAIRO: Egypt will raise electricity prices by an average of 14.9 percent in the 2019-2020 fiscal year beginning in July, Electricity Minister Mohamed Shaker said on Tuesday.
Egypt has committed to deep cuts to energy subsidies as part of a three-year, $12 billion IMF loan program it began in late 2016.