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Egypt’s oil subsidies hit $3.3bn in 11M

Egypt’s oil subsidies hit $3.3bn in 11M
Total subsidies grew to EGP 1.09 trillion in May

Cairo – Mubasher: Egypt’s oil subsidies declined by 13.4% year-on-year during the first 11 months of the fiscal year 2018/2019, recording EGP 55.52 billion ($3.34 billion), according to the monthly report of the Ministry of Finance (MoF).

The North African country is planning to spend EGP 52.9 billion on oil subsidies during the FY19/20.

Total subsidies grew to EGP 1.09 trillion in May, compared to EGP 971.85 billion the year before, the MoF’s data showed.

The Egyptian government is planning to liberate fuel prices and rationalise subsidies under its economic reform programme.