The end to fuel subsidies and IOC ‘receivables’ may finally be in sight.

Egypt is gearing up to remove the majority of fuel subsidies by the start of the next financial year in July. Cairo spent E£121bn ($6.8bn) in the 2017-18 financial year and is on course to spend E£90bn ($5.1bn) in the current financial year (see chart 1).

Egypt’s central bank chief Tarek Amer and Finance Minister Mohamed Maait, in a recent letter to the IMF, published this week as part of...