Egypt Plans Energy Subsidies Reduction
The Egyptian government plans to reduce subsidies of petroleum products by 26% and electricity subsidies by 47% in the annual budget for the 2018/2019 fiscal year (FY).
The Egyptian government plans to reduce subsidies of petroleum products by 26% and electricity subsidies by 47% in the annual budget for the 2018/2019 fiscal year (FY).
The International Monetary Fund (IMF) believes that gas subsidies benefit mainly the rich, advising the Egyptian government to allow fuel prices to change in line with costs.
The Egyptian Ministry of Electricity and Renewable Energy received EGP 3 billion late December as a part of the amounts allocated for electricity subsidies.
Egypt has spent total EGP 23.8 billion on subsiding different petroleum products in the first quarter of fiscal year (FY) 2017/2018, saving EGP 4 billion from the allocated EGP 27.7 billion in the FY's budget.