Govt Finishes Subsidy Lifting Scheme Pending ApprovalSource: www.export-egypt.com 12/7/2014, Location: Africa |
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The government has concluded a scheme to lift energy subsidies, according to a senior official, but added that it will be left for approval by the parliament expected for election next summer.
The minister, who declined to be named, told Al-Masry Al-Youm that the government is not eager to bear the responsibility for lifting the subsidies, adding that the parliament should have the authority for approving rationing measures. The minister explained that the scheme aims to cut down fuel subsidies by LE50 billion in the 2015-2016 budget, adding that the move will not affect all classes of subsidy beneficiaries as last July. The official noted that the application of the plan would increase energy prices for heavily-consumptive industries. Late June, Egypt announced a reduction in its LE144 billion energy subsidies in a bid to cut down budget deficit to 10 percent of its GDP, also declaring a plan to lift energy subsidies totally over five years. |
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