Latest statistics from Egypt’s Finance Ministry show subsidies for petroleum products fell almost 60% during the second half of 2013.

Payments were E£24,900mn ($3,583mn) for the first half of Egypt’s 2013-14 fiscal year, down from a whopping E£120,000mn ($17,266mn) for 2012-13. This implies a 59.3% fall on an annualized basis. (CONTINUED - 347 WORDS)