Middle East Economic Survey

VOL. LIII

No 2

11-Jan-2010

EGYPT

Petroleum Products Subsidies To Reach $12Bn, Fahmy Says

Egypts petroleum products subsidy will reach E66bn ($12.07bn) in the 2009-10 fiscal year, Minister of Petroleum Sameh Fahmy announced on 5 January. The subsidy bill amounted to E33bn ($6.03bn) between 1 July, the start of Egypts fiscal year, and the end of December 2009. The subsidy for these products has to come from an entity other than the oil ministry, state news agency MENA...