The Egyptian government has revealed plans to slash its subsidies for petroleum products in the coming fiscal year, beginning on 1 July, following approval by the cabinet of the country’s draft budget, which was unveiled on 26 May. The Budget has been submitted to the interim President ‘Adli Mansur for ratification.
The reduction of energy subsidies and the overall budget deficit have become issues of paramount importance for the Egyptian authorities, which have been scrambling to supply the domestic market with all its energy needs, particularly in the case of gas. Egypt has in recent months been hit by severe power cuts, ultimately caused by a shortage of fuel and a lack of sufficient funds to import products from the international market. (CONTINUED - 959 WORDS)