Egypt this week released a provisional 2015-16 budget. Spending on oil subsidies is slated to continue falling to less than half 2013-14 levels, as the country capitalizes on lower oil prices to push forward with much-needed economic reform. With spending set to rise, the IMF cautions that it needs to widen its tax base.
Egypt’s freshly-released provisional budget for the 2015-16 financial year sees the share devoted to oil subsidies fall below 7% of total spending, down from 20% as recently as 2012-13. (CONTINUED - 1656 WORDS)