Egyptians lament Hosni Mubarak's era after metro ticket price hikes

Egyptians took to social media platforms over the past 24 hours, lamenting the era of Hosni Mubarak following a decision by the government of President Abdel Fattah al-Sisi to raise prices of underground metro tickets 20 times higher to what their value was during the late autocrat's three-decade-long rule.

Social media users posted comments on X, formerly known as Twitter, on Mubarak only allowing the prices of metro tickets to be increased from 50 piasters to one Egyptian pound, for once during his reign that lasted from 1981 till he was removed by the 25 January Revolution that erupted in 2011.

The price of the ticket of the metro, which millions of Egyptians depend on in their daily commute, as of Thursday, 1 August, has been raised to a maximum of 20 Egyptian pounds for the longest routes in Greater Cairo, which includes the capital Cairo, Giza and Qalyubia provinces. One US dollar is equal to around 48.50 Egyptian pounds at the time of publication.

The increase in metro tickets has been preceded by recent hikes of 10 to 15 per cent of the fares of private and public means of transportation including, buses, taxis and ride-sharing app services following up to 15 per cent raise in the value of all fuel products.

The rise also came a few days after the International Monetary Fund (IMF) had finalised its third review of Egypt's loan programme, allowing Egypt to receive US$820 million. The international lender said that the country’s efforts to restore macroeconomic stability had started to achieve results but urged for further reform.

The IMF deal dictates that Egypt lowers subsidies of petroleum products and food supplies amid, arguably, the toughest economic crisis in the modern history of the country, which has about one-third of its nearly 106 million population under the poverty line.

Recent government measures are believed to have drawn widespread discontent among poor and limited-income households in Egypt, where almost one-third of the nearly 106 million population is under the poverty line.

In May, for the first time since 1988, the government increased the price of subsidised bread, the most strategic commodity in the country, by 400 per cent to reduce what Prime Minister Mostafa Madouly described as "the increasing financial burden inflicted on the state."

Sisi has repeatedly blamed the current ordeal on several factors, including the January revolution, the Russia-Ukraine war and the wars in neighbouring Gaza and Sudan. 

However, experts believe that severe economic mismanagement played a significant role in Egypt's current predicament, particularly with the government investing billions of dollars in "white elephant" projects, including the New Administrative Capital costing taxpayers about US$60 billion.