The Egyptian Petroleum Minister, Tareq Al-Mulla, expected today, in press statements, that the country’s oil subsidy bill will reach about 30 billion pounds (1.90 billion dollars) during the current fiscal year 2019-2020.
Egypt implemented a series of strict austerity measures in compliance with the terms of a $ 12 billion loan program from the International Monetary Fund that it signed in late 2016. The program, which ended in June, included liberalizing the pound exchange rate, increasing some taxes, and making major cuts in energy subsidies.
It was estimated that subsidies for petroleum products in the 2019-2020 budget would amount to 52.9 billion pounds, compared to 89 billion pounds a year ago.
(USD = 15.84 EGP)