Egypt’s parliament on 24 June passed the budget for the 2019-20 financial year, which begins on 1 July.

Key to Cairo’s economic plans are further cuts to spending on oil product subsidies. Latest official forecasts peg such spending at E£90bn ($5.1bn) for the 2018-19 financial year (ending 30 June), down 25% from 2017-18 and less than a third of the record $18.6bn spend seen in 2012-13. For 2019-20 a further 41% cut to E£53bn ($3.0bn) is planned. (CONTINUED - 638 WORDS)