Cairo – Mubasher: Egypt plans to slash fuel subsidies by 26% to EGP 89.075 billion ($5.05 billion) in fiscal year 2018/19, compared to an estimated subsidy of EGP 120.926 billion in FY17/18, a government document showed.
The document also showed that the government aims to reduce electricity subsidies as well by around 47%, or EGP 16 billion ($906 million) in FY18/19, according to Reuters.
The North African nation also seeks to raise food subsidies by 5% to EGP 86.175 billion ($4.88 billion) for the same fiscal year, the London-based new agency highlighted.
The Egyptian Cabinet had cut subsidies on fuel and raised prices of the petroleum products in June 2017.
