Egypt puts a price tag on this year's energy subsidies
By the end of the current fiscal year the amount spent on subsidies will reach approximately EGP 135bn ($19 billion), compared to the EGP 129 billion ($18.1 billion) spent the previous year, according to Al Al-Mula.
Petroleum Minister Sherif Ismail predicted that subsidies for petroleum products for the coming fiscal year will reach about EGP 140bn ($19.6 billion) in case prices are not increased.
Subsidies for petroleum products have been sapping Egypt’s economy and should be addressed as soon as possible, Al-Mula said, adding that there is no more time to delay, for neither the state nor the EGPC will be able to bear the ever-increasing expenses of petroleum products imports which are needed for the domestic market.
- Tourism is the real target of the Tunisia attacks: industry set to suffer
- FIFA scandal probe: No deaths in 2022 World Cup construction, Qatar says
- The UAE harnesses the power of celebrity endorsements
- Gazans reach beyond Israeli blockade through start-up
- France is playing a risky dating game in the Gulf: experts