Egypt cuts energy subsidy spending in H2-2019

Egypt has cut its spending on energy subsidies to 9.88 billion Egyptian pounds ($631 million) during the second half of 2019 from 30.17 billion in the second half of 2018, said a finance ministry report on Monday.

The country spent 24.93 billion pounds on commodity subsidies in the second half of the year, up from 24.37 billion pounds in the same period the year before, the ministry’s semi-annual report added.

Egypt raised its subsidised fuel prices on July 5 by 16 percent to 30 percent, bringing them into line with their real cost. It also increased electricity prices by an average of 14.9 percent at the start of the 2019/2020 financial year, which began on July 1.

Source: Reuters