Egypt will reduce spending on fuel subsidies by nearly 43% in the FY2016/17 budget due mainly to lower global energy costs, officials said on Saturday. Finance Minister Amr al-Garhy told a news conference state energy subsidies would fall to EGP35 billion (USD3.9 billion) from about EGP61 billion in FY 2015/16 budget. However, the deputy finance minister for fiscal policy said a decline in international oil prices would account for the bulk of the reduced subsidy spending in the next fiscal year. "Most of the savings in petroleum product subsidies will be a result of lower global oil prices," Deputy Minister, Ahmed Kojak, told Reuters. "There is also a saving of about EGP8-10 billion that will come as a result of new reforms that the Petroleum Ministry will outline in agreement with us," he added. (Reuters)