EGYPT

 

Egypt Targets Lower Energy Subsidies

 

One of Cairo’s key priorities is cutting energy subsidies and in turn the budget deficit, Finance Minister Ahmad Jalal says. But monies owed to foreign oil firms continue to rise, leading them to stall investment.

 

Mr Jalal, speaking to London-based daily Asharq al-Awsat on 9 November, stressed that cuts to energy subsidies – which total a whopping E£130bn ($18.8bn) in the budget for the current year...