Financial and Banking News

BUDGETS AND REVENUES

Egypt Considers Subsidy Cuts

The Egyptian Government is, as expected, experiencing considerable difficulties in drawing up a plan for cutting its heavy expenditures on domestic subsidies. The government of Prime Minister 'Ali Lutfi is committed to removing all subsidies over a period of three to four years but is drawing heavy fire from the opposition parties as well as from within its own ranks, where memories of the 1977 bread riots...