Cairo – Decypha: Egypt’s minister of finance Amr El Garhy said Thursday that the volume of local oil consumption is likely to rise to 80 million tonnes in fiscal year 2017/2018.
Egypt's total subsidies bill is estimated at EGP 200 billion, compared to EGP 140 billion in the previous year, the minister added.
In November 2016, the government had decided to float the local currency in line with the terms of a $12 billion loan by the International Monetary Fund (IMF).
By: Mostafa Adel
