Cairo – Mubasher: Egypt has completed a little over 90% of the tough measures and decisions required as part of the "ambitious" reform programme undertaken by the government for its fiscal year 2016/2017, finance minister Mohamed Maait said on Saturday.
Speaking to Al Youm7, the minister described this level of completion as a milestone, which was accomplished by the recent economic decisions, including the fuel price hike, as well as the recent decisions to raise the prices of electricity, water, and metro tickets.
As for the subsidies in the 2018/2019 budget, these will reach EGP 334 billion, Maait revealed, stressing that the hike in utility and fuel prices will save the government tens of billions of pounds.
The Egyptian government embarked on an economic reform programme three years and has now passed the most important and difficult part, the minister highlighted.
Earlier on Saturday, the government announced raising fuel prices.
Following the increase, minister of petroleum and mineral resources Tarek El Molla noted that this price hike would save the government around EGP 50 billion.