ArabFinance: Egypt’s public spending on fuel subsidies decreased to EGP 3.9 billion during the first quarter of fiscal year (FY) 2020/2021, the petroleum minister Tarek El Molla told Reuters on November 29th.

The subsidized amount marked about 46% Year on Year decline in the July-September 2020 period, compared with EGP 7.25 billion, El Molla noted.

The Egyptian Ministry of Finance would allocate EGP 28.19 billion for fuel subsidies during FY 2020/2021, the news portal reported.

The country’s target public spending on petroleum subsidies this FY is reportedly lower by 50% than the EGP 52.9 billion FY 2019/2020 budget forecasts.

Copyright © 2020 Arab Finance Brokerage Company All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.