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Government reduces subsides to EGP 78.41 within 7 months

Government reduces subsides to EGP 78.41 within 7 months

Cairo:  Government decided to slash subsides in the public budget to EGP 78.41 billion within months from July 2018 to January 2019.

This amount is compared with EGP 80.03 within same period of the previous fiscal year.

Finance Ministry has issued a report stating that subsides of non-financial government institutions is reducing in the course of the first seven months of the standing fiscal year to EGP 77.5 billion.

This sum is compared with EGP 79.62 billion in the same period year on year.

Subsides of the consuming stuffs rose slightly to EGP 28.35 billion throughout the first seven months of the current fiscal year.

It is worth to mention that Egypt has introduced a package of economic reforms to treat chronic ailments of the national economy. Source: Sada Elbalad

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