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Egypt allocates $8 bln for fuel subsidies in FY 2017-18 budget
June 5, 2017 / 10:52 AM / 6 months ago

Egypt allocates $8 bln for fuel subsidies in FY 2017-18 budget

CAIRO, June 5 (Reuters) - Egypt 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 beginning in July, a cabinet statement said on Monday.

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.

$1 = 18.0700 Egyptian pounds Reporting by Eric Knecht; Editing by Ahmed Aboulenein

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