By: Ahmed Ammar

Cairo – Mubasher: Egypt’s spending on fuel subsidies reached about EGP 7 billion during the first quarter of fiscal year 2019/2020, the country’s deputy finance minister Ahmed Kouchouk revealed.

The petroleum sector in the North African nation generated EGP 10 billion in revenue during the three-month period ended 30 September 2019, Kouchouk added during a conference on Monday.

The drop in fuel subsidies below revenues will have a positive impact on the country’s budget, he remarked.