Egypt’s Ministry of Finance has begun the executive procedures to disburse 50% of the total overdue payments to exporting companies under the export subsidy program.

Prime Minister Mostafa Madbouly has reviewed the unified subsidy card system aimed at supporting the objectives of financial inclusion.

Egypt is set to begin negotiations with the International Monetary Fund (IMF) soon, aiming to extend the timeline for implementing fuel and electricity subsidy cuts.

The Minister of Supply and Internal Trade Sherif Farouk has reviewed the ministry’s strategy to develop the country’s subsidy system by applying effective mechanisms.

The Egyptian government is expected to achieve EGP 80 billion in fuel savings by the end of the current fiscal year (FY) following the recent hike in fuel prices by 11% to 17%.

The Egyptian government has increased the financial allocations for subsidies, grants, and social benefits in the current fiscal year’s (FY) budget to EGP 635.9 billion according to the Citizen Budget report released by the Ministry of Finance.

Subsidies for petroleum products in Egypt surpassed EGP 100 billion ($2 billion) in the first 10 months of the current fiscal year (FY) 2023/2024.

Minister of Supply and Internal Trade Ali El-Moselhy has proposed raising the subsidized sugar price to EG.P 18 from EGP 12.6 per kilogram (kg)

Subsidies for petroleum products in Egypt rose by around 9% year on year (YoY) to EGP 72 billion in the first half (H1) of the current fiscal year (FY) 2023/2024.

The Egyptian government intends to review petroleum subsidies for the upcoming fiscal year (FY) 2024/2025 budget, after hiking prices of all categories of gasoline and diesel, Minister of Finance Mohamed Maat said.

The Egyptian government, embodied in the General Authority for Supply Commodities (GASC), will bear the increase in the cost of producing subsidized bread loaves at bakeries using diesel and natural gas in the baking process.

The Minister of Supply and Internal Trade Ali Moselhy has issued a ministerial directive aimed at organizing operations in municipal bakeries and distribution points for essential commodities and other commercial activities during the month of Ramadan, as per a statement by the ministry.

The Egyptian Cabinet’s decision on the public spending rationalization is not applied to healthcare services, as well as subsidized commodities, petroleum products, social insurance pensions, and Takaful and Karama program.

The Egyptian government has raised the targeted fuel subsidies for the current fiscal year (FY) 2023/2024 by 9% to EGP 130 billion.

Egypt will start selling subsidized bread to non-ration cardholders starting next January, Abdullah Ghorab, head of the bakeries division at the Federation of Egyptian Chambers of Commerce (Fedcoc), said.

Egypt has suspended rice distribution on ration cards, with priority to be given to purchase of commodities such as cooking oil and sugar, Under Secretary of Ministry of Supply and Internal Trade in Daqahliyah El-Sayed Daira said.

Egyptian government has allocated EGP 127.7 billion for food subsidies in the budget of the coming fiscal year (FY) 2023/2024 to reduce the financial burdens on citizens amid soaring inflation.

Egypt’s petroleum subsidies surged by 290% year-on-year (YoY) to EGP 66 billion for the first half (H1) of fiscal year (FY) 2022/2023 due to the liberalization of the pound, a government official told Asharq Business on February 25th.

Prime Minister Mostafa Madbouly said that the cost of wheat subsidies will be increased to EGP 95 billion by the end of the year, up from EGP 38 billion, according to a cabinet statement on January 19th.