EGP 2.4 bn expected increase in staples subsidies in 2018/2019 fiscal year

Gov’t spending on subsidies looks set to exceed budget targets: Subsidies for staple items are expected to exceed the FY2018-19 budget by about EGP 2.4 bn,a source from the Supply Ministry told Al Mal. The government spent an additional EGP 900 mn in 1H2018-19 on commodity subsidies, the source said, noting that the government expects the increase in the second half of the fiscal year to grow by EGP 1.5 bn.