Egypt has allocated EGP 145 billion ($8 billion) for fuel subsidies and EGP 80 billion for electricity subsidies in its state budget for the country’s 2017-2018 fiscal year, which begins in July.
Egypt spent EGP 78 billion on fuel subsidies in the first nine months of the 2016-2017 fiscal year, according to Reuters.
The cost of importing fuel has soared since Egypt floated its currency last November.
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