Egypt fuel subsidies spending falls 28% in the first nine months of FY2018-19

Fuel subsidies spending falls 28% in the first nine months of FY2018-19: Government spending on fuel subsidies fell to EGP 60.1 bn in the first nine months of FY2018-19, declining 28.45% y-o-y from EGP 84 bn during the same period a year earlier, Oil Minister Tarek El Molla told Reuters’ Arabic service. The government set aside EGP 89 bn for fuel subsidies in its FY2018-19 budget — and hopes to reduce the outlay to EGP 52.9 bn in the coming fiscal year, El Molla added. Egypt is expected to lift most fuel subsidies by the end of this fiscal year as part of the ongoing IMF-backed reform program. Subsidies on all products, except liquefied petroleum gas and fuel oil used for electricity and bakeries, are due to be eliminated in June.