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Egypt slashes spending on fuel subsidies by 67% in H1-19/20
18. February 2020
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The Egyptian government lowered spending on fuel subsidies by 67.2% year-on-year during the first half of fiscal year 2019/2020 in the latest round of fuel subsidy cuts, official data showed.
 
The North African nation spent EGP 9.87 billion on fuel subsidies during the six-month period ended 31 December 2019, down from EGP 30.16 billion in the year-ago period, according to a recent report released by the Ministry of Finance.
 
Quarter-on-quarter, spending on fuel subsidies plunged to EGP 2.87 billion during the second quarter of FY19/20, compared to EGP 7 billion, the semi-annual report indicated.
 
Previously, the Egyptian minister of petroleum Tarek El-Molla revealed that spending on fuel subsidies fell by 69% year on year to EGP 7.25 billion during the July-September period of 2019.