Egypt announces massive increase in fuel subsidies for 2017-2018

Egypt has allocated $8 billion for fuel subsidies in its state budget for the country’s 2017-2018 fiscal year.
By Staff reporter 6 June 2017 0 26235

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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