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FINANCIAL NEWS
Egypt says gas subsidy coupons to be ready before winter
13 Oct 2012
(MENAFN) Egypt’s Local Development Minister Ahmed Zaki Abdeen unveiled plans to issue a programme that aims to cut a costly fuel subsidy by the end of this year, Reuters reported.
Abdeen said the government had started printing the coupons for subsidised gas which aims to effectively reach the most needy ahead of the introduction of smart cards.
The minister said the coupons would be ready for the start of the winter season; he did not give a precise date but Egypt’s winter generally begins in December.
The government had previously said it would introduce the coupons by mid-October, which represents the first stage in a wider reform of energy subsidies.
Egypt is seeking to shore up its finances by negotiating a UD4.8 billion loan with the International Monetary Fund (IMF) and securing support or pledges of aid from GCC, Turkey and Western countries.
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