Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Egypt's Sisi defends fuel subsidies cut, adds taxes  Join our daily free Newsletter

MENAFN - AFP - 06/07/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - AFP) Egypt's President Abdel Fattah al-Sisi on Sunday defended a government decision to raise fuel prices as the authorities also slapped higher taxes on cigarettes and alcohol, state media reported.

The authorities late Friday decided to slash state subsidies on petrol and diesel, sparking anger among taxi drivers and others affected by the rising costs.

Police arrested two people on Sunday after dispersing a protest by fishermen angered by the fuel price hike in the coastal city of Rosetta, state media reported.

In a meeting with newspaper editors and television channel representatives, Sisi argued that the decision had to be taken because of Egypt's debts, state-run Al-Ahram newspaper reported on its website.

With the economy battered by three years of unrest, successive governments have said subsidies - which made petrol in Egypt among the world's cheapest - must be lifted.

The ex-army chief, who toppled Islamist president Mohamed Morsi in July 2013 before himself being elected president by a landslide in May, has repeatedly advocated austerity to narrow the budget deficit.

"Whether we wanted to or not, these decisions had to be taken, now or later," Al-Ahram quoted Sisi as saying.

"It's better to face (the situation) instead of letting the country drown," he said, citing increasing government debt.

The state spends almost 30 percent of its budget on fuel and food subsidies, in a country were nearly 40 percent of the population of 86 million hover around the poverty line.

On Sunday, the authorities also announced a new tax of 50 percent of the retail price of imported cigarettes, while local cigarettes will be subject to a few extra pounds' in tax, the state news agency MENA reported.

Local and imported beers were slapped with a 200 percent tax increase, while local and imported wines become subject to a 150 percent increase, it said.

With many fearing that the fuel price rises will impact other prices, Sisi acknowledged that Egypt currently lacked any market controls, but said such mechanisms should be fully operational within six months, MENA said.

The political turmoil unleashed by the ouster of strongman Hosni Mubarak in 2011 has devastated the economy, badly hitting key tourist revenues and investments.

Since the overthrow of Morsi, who was viewed with suspicion by regional powerhouses such as Saudi Arabia and the United Arab Emirates, Arab states in the oil-rich Gulf have pledged billions of dollars in aid to Egypt's military-installed authorities.


 


AFP




  MENA News Headlines
 Jan 27 2015 - More Emirati students join Qasr Al Hosn Festival AmbassadorsEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) More than 250 university students from across the Emirate of Abu Dhabi will be selected to act as the Qasr Al Hosn Festival Ambassadors during this year's ...

 Jan 27 2015 - DXB takes over top spot for international passenger trafficEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) Dubai Airports today released its year-end traffic report which confirm that Dubai International Airport, DXB, has secured its position as the number one airport ...

 Jan 27 2015 - New Abra services in Abu DhabiEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) A new water taxi service using a traditional wooden abra has been launched to connect two of Abu Dhabi's prime waterfront tourist destinations. Passengers can ...

 Jan 27 2015 - EGA Golfers to rub shoulders with world's best at omega Dubai Desert Classic Pro-AmEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) A select group of golfing guests of Emirates Global Aluminium, EGA, will enjoy one of the most memorable playing experiences of their lives when they compete in ...

 Jan 27 2015 - OPEC daily basket price for Monday announcedEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) The price of OPEC basket of twelve crudes stood at US $42.90 a barrel on Monday, compared with US $43.69 the previous Friday, according to OPEC Secretariat ...

 Jan 27 2015 - Over one million Umrah performers cross King Abdulaziz International Airport within 45 daysEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) JEDDAH, 27th January, 2015 (WAM) - The number of Umrah performers arriving and departing from King Abdulaziz International Airport in Jeddah since the start of ...

 Jan 27 2015 - UNDP issues new development report spotlighting string of successes in Asia-Pacific regionEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) The United Nations main development programme has spotlighted its string of successes in 36 countries and territories in the Asia and Pacific region in the areas ...

 Jan 27 2015 - ADES 2015 to run from 18th to 21st March at ADNECEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) DOME Exhibitions today announced the third edition of Abu Dhabi Electronics Shopper, ADES 2015, the largest consumer electronics exhibition in Abu Dhabi, will ...

 Jan 27 2015 - GCC Secretary-General meets with UN officialEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) Dr. Abdullatif bin Rashid Al-Zayani, GCC Secretary-General has met with Ashok Nigam, UN Resident Coordinator and Resident Representative of the United Nations ...

 Jan 27 2015 - Saudi- Dawn of a new era under King SalmanArab News
(MENAFN - Arab News) A new era dawned in Saudi Arabia on Monday under the leadership of Custodian of the Two Holy Mosques King Salman as citizens across the country expressed their confidence in the ...

more...


 






Google

Internatinal Property Show

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help