Cairo spent E£45bn ($2.5bn) on transport fuel subsidies in 2H 2018, the first half of the country’s 2018-19 financial year. This puts the country bang on target to hit the 2018-19 budget plan of E£89bn ($5.2bn). It also marks a real-terms fall of 21% versus the E£45bn ($2.9bn) spend for 1H 2017-18 given 12% inflation.
But the commitment of Cairo, a substantial net importer of diesel and gasoline, to further cut subsidies has been brought into question by the decision to delay price liberalization for 95 Ron gasoline to April. (CONTINUED - 819 WORDS)
