Egypt allocates $8 billion for fuel subsidies in 2017/2018 budget

Egypt has allocated 145 billion Egyptian pounds ($8 billion)for fuel subsidies and 80 billion pounds for electricity subsidies in its budget for the 2017-18 fiscal year beginning in July, a cabinet statement said on Monday.

Egypt in November signed a $12 billion three-year International Monetary Fund loan agreement that includes sweeping economic reforms including subsidy cuts. The government has not said when it would next hike fuel prices.