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FINANCIAL NEWS
Egypt allocates USD8b for fuel subsidies in 2015/16
21 Jun 2015
(MENAFN) The Egyptian government allocated a total of USD8 billion for fuel product subsidies over its draft budget for 2015/2016m, according to the Chairman of Egyptian General Petroleum Corp (EGPC), Reuters reported.
The Cabinet gave its official consent for the budget draft dedicated for the upcoming fiscal year which starts in July. However, it chose not to announce the actual figures for the allocation.
For the current financial year that ends in June, the subsidy bill for petrol and natural gas products is forecast to reach USD9.20 billion, compared with a projected USD13.14 billion, the Chairman added.
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