Egypt plans to lift fuel subsidies within three years: sources

Egypt is planning to lift fuel subsidies within three years and is aiming to increase fuel prices to 65 percent of their actual cost during the 2016/17 financial year, two government sources told Reuters on Tuesday.

Egypt, which is struggling to revive its economy after an uprising in 2011 shook investor confidence and drove tourists and foreign investors away, has been trying to cut its spending on subsidies which eat into its state budget.

In April, government officials said there was a plan to reduce spending on fuel subsidies by nearly 43 percent in the 2016/17 budget.

Source: Reuters