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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.
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