By the end of the current fiscal year the amount spent on subsidies will reach approximately EGP 135bn, compared to the EGP 129 billion spent the previous year, according to Al Al-Mula.
Petroleum Minister Sherif Ismail predicted that subsidies for petroleum products for the coming fiscal year will reach about EGP 140bn in case prices are not increased.
Subsidies for petroleum products have been sapping Egypt’s economy and should be addressed as soon as possible, Al-Mula said, adding that there is no more time to delay, for neither the state nor the EGPC will be able to bear the ever-increasing expenses of petroleum products imports which are needed for the domestic market.
