Egypt to cut petroleum product subsidies
(MENAFN) Egyptian government announced plans to cut petroleum product subsidies, while it still anticipates the budget deficiency to proceed, Khaleej Times reported.
Since the mass uprising in early 2011, an economic reform became a must for the 85 million people, most importantly on subsidies that have eaten up around a quarter of state spending in recent years.
The statement said: "There will be a start in reform of petroleum product subsidies which is estimated in the new budget to be around USD14.52 billion."
The new minimum monthly wage of USD167.63 for public sector workers is another reason behind the country's deficit.
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