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Egypt has assigned 145 billion Egyptian pounds ($8 billion) for fuel subsidies and 80 billion pounds for electricity subsidies in its budget for the 2017-18 financial year beginning in July, according to cabinet statement.
Egypt in November signed a $12 billion three-year International Monetary Fund loan agreement that includes sweeping economic reforms inclueding subsidy cuts. The government has not said when it would next hike fuel prices.
Source: Reuters
