Egypt Saves LE 41bn after Cuts in Energy, Electricity SubsidiesSource: www.export-egypt.com 7/2/2014, Location: Africa |
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Finance Minister Hani Qadri said on 1/7/2014 Egypt has saved some LE41 billion in its 2014-2015 budget after the government reduced subsidy going to energy and electricity products.
Subsidy going to energy amounts to LE100.3 billion after the cuts, while the electricity sector gets LE27.2 billion in the new budget, he said. The government is seeking to achieve broad and comprehensive social justice that does not only focus on setting minimum and maximum wages or implementing subsidy programs, Qadri said. Spending priorities, the geographical distribution of investments and tax policies should also be revised to achieve social justice, he added. The minister also pointed to efforts to protect people in most need and reduce poverty rates. The government is particularly concerned about limited income brackets and has allocated LE10.7 billion for social security and child pensions, Qadri said. The government is seeking to extend social security pensions to cover three million families instead of 1.5 million, he noted. Qadri said that the government is setting aside LE800 million to cope with losses of the Egyptian Railways Authority. |
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