Cairo – Mubasher: Egypt slashed subsidies to fuel and basic food commodities during fiscal year 2020/2021.

The government reduced the value of fuel subsidies to EGP 28.19 billion in the coming fiscal year, down by 46.7% from EGP 52.96 billion in FY19/20, according to the financial statement of the FY20/21 state budget.

In addition, subsidies to basic food commodities will be lowered by 5% to EGP 84.48 billion in FY20/21 from EGP 89 billion in the current fiscal year.