Government eying EGP385bn subsidy expenditure in FY17/18
The government is targeting a subsidy bill worth EGP385bn in FY17/18, up from EGP285bn in the current fiscal year, according to Minister of Finance, Amr Al Garhy. Energy subsides (both for fuel products and electricity) are likely to exceed EGP200bn. The government will also be increasing spending on cash subsidies, including its two flagship projects, Takaful and Karama. Interest payment is expected to reach EGP380bn, down from EGP305bn recorded in FY16/17, Al Garhy said. El Garhy confirmed that the budget would be ready on 31 March, while Deputy Finance Minister Ahmed Kouchouk told Al Masry Al Youm that the date would be when the Ministry submits a draft to the House of Representatives.
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