June 17, 2021, Thursday
३ असार २०७८, बिहीबार

in Second Half of 2019, Egypt’s Power Subsidy falls to Zero

in Second Half of 2019, Egypt’s Power Subsidy falls to Zero

A finance ministry semi-annual report showed that Egypt spent nothing on electricity subsidies in the second half of 2019, down from 7.992 billion Egyptian pounds ($510.02 million) the same period a year earlier.

Scaling back energy subsidies that have been a strain on the budget for decades was a central part of a three-year, $12 billion reform package signed with the International Monetary Fund in 2016.