Cairo has promised to link fuel prices to international levels from end-2018.

Egypt will “by end-December 2018” introduce “an automatic fuel price indexation mechanism” covering all domestic sales of gasoline, diesel, kerosene and fuel oil, Egypt’s central bank governor Tarek Amer and finance minister Mohamed Maait tell IMF chief Christine Lagarde in a 20 June letter published by the IMF as part of its latest report on Egypt on 12 July.

The pledged reforms...