Cairo – Mubasher: Egypt’s spending on fuel subsidies will be diminished by 42.6% in 2016/17, said Amr al-Garhy, the Minister of Finance, in a press conference on Saturday.
The spending will be reduced to EGP35 billion in 2016/17 from EGP61 billion for the current fiscal year, the minister added.
This cut is mainly ascribed to a decline in global oil prices, said finance minister deputy, Ahmed Kojak, adding that the government is planning to save around EGP8-10 billion by making some reforms in cooperation with the Ministry of Petroleum.
