Egypt spent LE24.623 billion on electricity subsidies in FY2014/15, down from an initial projection of LE27.2 billion, the ministry of finance announced on Sunday. The spending included LE22 billion and LE2.5 billion for supplying oil products and importing gas shipments to electricity companies, respectively. A draft of the budget for the upcoming fiscal year starting 1 July was approved by the cabinet on Thursday, awaiting the president's ratification. Since President Abdel-Fattah El-Sisi took office last year, Egypt has gradually cut energy subsidies hoping to cut the budget deficit from 12.6 percent of GDP in 2013/14 to 8-9 percent by FY 2018/19, through a medium-term economic plan. The current fiscal year saw the implementation of the first stage of a five-year plan to lower electricity subsidies by 67 percent to LE9 billion. Source: Ahram Online
