EGYPT

 

Egypt’s New Budget Targets Reduction Of Petroleum Subsidies

The Supreme Council of the Armed Forces (SCAF) on 1 July approved Egypt’s 2012-13 budget, which seeks to reduce petroleum subsidies, but details are still sketchy in the absence of the publication of the budget law in the official gazette. In the ongoing tug-of-war between the first Islamist Egyptian president Muhammad Mursi and the military, projections of revenue and expenditure...