Egypt's transportation authorities have more than tripled the standard subway fare from 2 to up to 7 pounds (40 cents) as part of government austerity measures.

In a statement, the Transportation Ministry said the new fare will go into effect on Friday.

It also said prices will now be affected by the number of stations commuters travel. For example, a round trip of more than 16 stations would cost 14 pounds (around 80 cents).

The ministry said that revenues will be used in improve the quality of the service provided to millions of Egyptians, adding that maintenance deficits have reached 94 percent.

Egypt secured $12 billion from the International Monetary Fund in November 2016 to shore up the economy. To qualify, Egypt floated its currency, reduced subsidies and raised fuel prices.