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
 May 6 2015 - HE the Chief of Staff Meets French CommanderQatar News Agency
(MENAFN - QNA) HE the Chief of Staff of the Qatari Armed Forces Major General (Pilot) Ghanim bin Shaheen Al Ghanim met Wednesday with Chief of Staff of the visiting French Army General Jean-Pierre ...

 May 6 2015 - Croatian Deputy Prime Minister Meets Qatari AmbassadorQatar News Agency
(MENAFN - QNA) Deputy Prime Minister and Minister of the Interior of the Republic of Croatia, Ranko Ostojic, met here on Wednesday with Qatar's Ambassador to the Republic of Croatia, HE Sheikha Moza ...

 May 6 2015 - Pakistani Army Chief of General Staff Meets Qatar's AmbassadorQatar News Agency
(MENAFN - QNA) Pakistan Army Chief of General Staff Rashid Mahmood met here today with HE Qatar's Ambassador to Pakistan Saqr bin Mubarak Muhammad Saqr Al Mansouri. Talks during the meeting focused ...

 May 6 2015 - Advisory Council's Services Committee MeetsQatar News Agency
(MENAFN - QNA) The Advisory Council's Services and Public Facilities committee on Wednesday held its first meeting during the council's 43rd regular session under the chairmanship of its rapporteur ...

 May 6 2015 - Municipality Minister Meets Tunisian Environment MinisterQatar News Agency
(MENAFN - QNA) HE Minister of Municipality and Urban Planning Sheikh Abdul Rahman bin Khalifa Al-Thani on Wednesday met at his office with Tunisian Minister of Environment and Sustainable ...

 May 6 2015 - HE State Defense Minister Holds Meetings in TurkeyQatar News Agency
(MENAFN - QNA) HE Minister of State for Defense Affairs Major-General Hamad bin Ali Al Attiyah met Wednesday with Turkish Minister of Defense Ismet Yilmaz on the sidelines of the International ...

 May 6 2015 - Minister of Justice Meets Heads of GCC DelegationsQatar News Agency
(MENAFN - QNA) HE the Minister of Justice Dr. Hassan bin Lahdan Al Mohannadi met here on Wednesday with the heads of delegations participating in the first meeting of GCC officials for family ...

 May 6 2015 - Dubai's Jumeirah Group logs 5.2 percent revenue growth in 2014MENAFN
(MENAFN) Jumeirah Group, the Dubai-based hotel developer, recorded a revenue growth of 5.2 percent for 2014, marking a decline from the 8 percent reported a year ago, Arabian Business ...

 May 6 2015 - Two dead, 8 injured in Azraq - JordanJordan News Agency
(MENAFN - Jordan News Agency) Two citizens were killed and eight injured when two cars collided in Azraq town, north-east the Kingdom, Civil Defense Directorate said.Rescue teams in Zarqa governorate ...

 May 6 2015 - Israel test launches missile propulsion systemJordan News Agency
(MENAFN - Jordan News Agency) Israel tested a ballistic propulsion system for a satellite delivery Tuesday morning.A statement by the Defense Ministry said that the launch, conducted over central ...

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