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Wednesday, 30 September 2020

Egypt's fuel subsidy bill drops 65% in 9 months through March: Official

Reuters , Sunday 10 May 2020
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Views: 966

Egypt’s spending on fuel subsidies dropped by about 65% to 21 billion Egyptian pounds ($1.34 billion) in July-March, a petroleum ministry official told Reuters on Sunday.

Egypt spent 60.1 billion Egyptian pounds on fuel subsidies in the same period a year earlier.

Over the past three years, Egypt has phased out subsidies on most fuel products as part of an IMF-backed economic reform programme. 

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