By the end of the current fiscal year the amount spent on subsidies will reach approximately EGP 135bn ($19 billion), compared to the EGP 129 billion ($18.1 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 ($19.6 billion) 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.
