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Egypt to spend $9.8bn over budget on fuel subsidies

: Monday, June 02 - 2014 @ 01:42

Egypt’s Interim Prime Minster, Ibrahim Mahlab has the government would spend EGP70bn ($9.8bn) more than budgeted on energy subsidies in the fiscal year ending June 30, in an indication of the crippling impact of the system on state finances, Reuters has reported. The latest finance ministry data showed the budgeted amount for petroleum subsidies at EGP99.6bn. Officials had previously put this year’s spending on energy subsidies at EGP130bn.

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Monday, June 2- 2014 @ 1:42 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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