Gov’t to beat fuel subsidy spending targets in 2Q - gov’t source

BUDGET WATCH- Gov’t to beat fuel subsidy spending targets in 2Q -gov’t source: The government will not spend more than EGP 10 bn on fuel subsidies in 2Q2019-2020, beating the EGP 13.23 bn quarterly allocations included in the state budget, an unnamed government source told Al Mal. Fuel subsidies spending fell 69% y-o-y to EGP 7.25 bn in the first quarter of the fiscal year. The government allocatedEGP 52.96 bn to fuel subsidies for FY2019-2020, down from EGP 89.75 bn last fiscal year. Egypt has moved to gradually reduce fuel subsidy spending over the past three years under the USD 12 bn IMF-backed economic reform program.