Cairo – Mubasher: Egypt is still considering slashing fuel and electricity subsidies, finance minister Amr El-Garhy said.
The government will take further social protection measures into consideration as usual to reduce subsidies, El-Garhy told CBC TV.
On Tuesday, a government document has showed that Egypt plans to curtail subsidies by 26% to EGP 89.075 billion ($5.05 billion) in fiscal year 2018/19, compared to an estimated subsidy of EGP 120.926 billion in FY17/18.
The government aims to reduce electricity subsidies as well by around 47%, or EGP 16 billion ($906 million), in FY18/19, Reuters reported, citing the document.
The North African nation also seeks to raise food subsidies by 5% to EGP 86.175 billion ($4.88 billion) for the same fiscal year, the London-based new agency highlighted.
The Egyptian cabinet had cut fuel subsidies and raised petroleum product prices in June 2017.
