EGYPT

The Egyptian government has revealed plans to slash its subsidies for petroleum products in the coming fiscal year, beginning on 1 July, following approval by the cabinet of the country’s draft budget, which was unveiled on 26 May. The Budget has been submitted to the interim President ‘Adli Mansur for ratification.

The reduction of energy subsidies and the overall budget deficit have become issues of paramount importance for the Egyptian authorities, which have been...