Egypt begins fuel, electricity subsidy with $8b, 80 pounds in 2017 budget

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Egypt says it has allocated 145 billion Egyptian pounds ($8 billion) for fuel subsidies and 80 billion pounds for electricity subsidies in its budget for the 2017-18 fiscal year.

A cabinet statement on Monday in Cairo said the fiscal year would begin in July.

Egypt in November signed a $12 billion three-year International Monetary Fund loan agreement that includes sweeping economic reforms, including subsidy cuts.

The government has not said when it would next hike fuel prices.

 

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