Cairo – Mubasher: Egypt plans to ease fuel subsidies to EGP 89.075 billion in fiscal year 2018/2019, and to EGP 110.148 billion in FY17/18, a government document has showed.
The document also demonstrated that electricity subsidies would be also reduced to EGP 16 billion in FY18/19, down from EGP 30 billion in the current fiscal year.
On Wednesday, 11 April, finance minister Amr El-Garhy said that slashing fuel and electricity subsidies was still under study.
A government document has shown last week that Egypt plans to curtail fuel subsidies by 26% to EGP 89.075 billion ($5.05 billion) in FY18/19, compared to an estimated subsidy of EGP 120.926 billion in FY17/18.
The government aims to reduce electricity subsidies as well by around 47%, or EGP 16 billion ($906 million), in FY18/19, Reuters reported, citing the document.
The Egyptian cabinet had cut fuel subsidies and raised petroleum product prices in June 2017.
