Egypt spent $3.51b on fuel subsidies in first nine months of FY 2018-2019

Author: 

Reuters

article author: 

Reuters

ID: 

1557213557582274900

Tue, 2019-05-07 06:58

CAIRO: Egypt spent 60.1 billion Egyptian pounds ($3.51 billion) on fuel subsidies in the first nine months of the 2018-2019 financial year, petroleum minister Tarek El Molla said on Tuesday, a drop of 28.45 percent from the same period the previous year.
Egypt has been reducing fuel subsidies as part of an IMF-backed reform program that began in 2016, and is due to remove subsidies on most energy products by June.

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Business & Economy

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Egypt

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