Egypt to cut at least 10% of Fuel Subsidies in FY 2015/16

Egypt will cut at least 10 percent of a current fuel subsidy bill of up to 100 billion Egyptian pounds in the next fiscal year starting in July 2015, Finance Minister Hany Qadry told the press on Thursday.

Last year, the government slashed fuel subsidies to narrow the state budget deficit, raising prices at the pump by up to 78 percent.

Budget allocations to social spending are planned to increase to 295 billion pounds in the fiscal year 2015/16, to become 16 percent higher than this year, Qadry said.

Source: Ahram Online