Subsidy Cuts A ‘Very Important Step’: EU Ambassador

James Moran, head of European Union Delegation to Egypt, welcomed the recent decision taken by the Egyptian government to reduce subsidies on petroleum products, saying that “Egypt has begun its way towards the implementation of a plan for economic reform.”

He described the decision to raise fuel prices as “a very important step and a rational and noble attempt” to restructure the Egyptian economy.

During a speech at a donors’ conference for the development of slums that took place on Sunday, Moran said that the economic reforms conducted by the government will make Egypt an attractive country for investment in the medium and long term, and that everyone must work to ensure the success of this plan.

In the past few days, the government has raised prices on gasoline, diesel fuel, natural gas, and electricity for domestic, industrial, and commercial use, in the framework of a plan to reduce the state budget deficit to 10% of the GDP.

Source : dailynewsegypt