Cairo – Mubasher: Egypt has spent EGP 87.2 billion on petroleum and supply commodities subsidies during the first nine months of fiscal year 2018/2019, down 9% year-on-year from EGP 95.9 billion, according to a report released by the Ministry of Finance (MoF).
Spending on the supply commodities registered around EGP 36.3 billion at the end of March, versus EGP 40.8 billion in the same nine-month period of FY17/18.
Meanwhile, oil subsidies fell in the nine-month period ended last March, recording EGP 50.95 billion from EGP 55.12 billion in the year-ago period.
Egypt is phasing out subsidies on petroleum products in light of the International Monetary Fund- (IMF) backed economic reform to obtain a $12 billion loan since late 2016.
