Egypt assigns $8 bln for fuel subsidies in FY 2017-18 budget

Egypt has assigned 145 billion Egyptian pounds ($8 billion) for fuel subsidies and 80 billion pounds for electricity subsidies in its budget for the 2017-18 financial year beginning in July, according to cabinet statement.

Egypt in November signed a $12 billion three-year International Monetary Fund loan agreement that includes sweeping economic reforms inclueding subsidy cuts. The government has not said when it would next hike fuel prices.

Source: Reuters