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Thursday 24 June 2021
HomeWorldEnergy subsidy cuts save Egypt $5bn in new budget

Energy subsidy cuts save Egypt $5bn in new budget

Energy subsidy cuts will save Egypt around 40 billion Egyptian pounds ($5.59 billion) in the 2014/15 budget that comes into effect on Tuesday, Finance Minister Hany Kadry Dimian said.

Egypt’s president approved a tightened budget for the next fiscal year on Sunday, as the first step towards a period of painful economic austerity that is expected to include reforms of the country’s costly subsidies system.

The minister said there was no immediate timeline for introducing the subsidy cuts.

Reuters

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