Financial and Banking News
BUDGETS AND REVENUES
Lutfi Announces Austerity Measures to Counter Fall in Egyptian Oil Revenues
Egyptian Prime Minister 'Ali Lutfi has announced plans to trim public spending and raise income to make up for the fall in oil revenues, tourism and remittances from Egyptians working abroad. The drop in income from oil exports alone is estimated at $700mn in the fiscal year ending 30 June 1986 and $1,200mn in the fiscal year starting 1 July 1986.
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