Energy subsidy cuts save Egypt 40 bln pounds in new budget - minister
CAIRO, June 30
CAIRO, June 30 (Reuters) - Energy subsidy cuts will save Egypt around 40 billion Egyptian pounds ($5.59 billion) in the 2014/15 budget that comes into effect on Tuesday, Finance Minister Hany Kadry Dimian said.
Egypt's president approved a tightened budget for the next fiscal year on Sunday, as the first step towards a period of painful economic austerity that is expected to include reforms of the country's costly subsidies system.
- Bike-riding nurse defies Ebola quarantine, on collision course with governor |
- Clashes erupt as Israeli police kill Palestinian suspected of shooting Jewish far-rightist |
- Ukraine, Russia, EU agree to natural gas supply deal
- Apple's Cook: 'I'm proud to be gay'
- Iraqi Kurdish forces enter Syria to fight Islamic State |