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Monday, 27 March 2017

Public Transport Authority to hike bus fares?

Public Transport Authority to hike bus fares? Apparently emboldened by the decision to raise metro ticket prices, the cash-strapped, debt-laden Public Transport Authority is reportedly studying raising bus fares 15-20% to cover its widening budget shortfall, Al Mal reports. The final decision is Cabinet’s to make. In a clear attempt to spin the issue, the newspaper’s source says the fare hike is “unlikely” to meet the same uproar the recent rise in Metro fares as the increase in bus ticket prices will be implemented gradually.

MPs continued criticizing Transport Minister Hisham Arafat yesterday for the decision to double metro ticket prices to EGP 2 from EGP 1 without waiting for parliamentary approval, Al Masry Al Youm reports. Members of the House Transport Committee accused Arafat of “deceiving” them and “making them seem worthless” in the eyes of their constituents. One MP placed the blame on parliamentary speaker Ali Abdel Aal, saying he is responsible for “being lax” with the government, and threatened to resign if the situation remains unchanged. In the midst of all the grumbling, Cairo Metro spokesperson Ahmed Abdel Hady announced that the company’s monthly revenues are now expected to reach EGP 90 mn, up from EGP 50 mn, Al Borsa reports. Abdel Hady said revenues won’t double because ticket prices for the elderly and people with disabilities were left unchanged. That leaves the company with excess cash of about EGP 15 mn a month to service its debt, he suggested.

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