CAIRO, June 17, 2018 (MENA) - New measures taken earlier Saturday to cut fuel subsidies were urgently needed to maintain stable financial conditions, mainly after the increase of global oil prices, Egypt's Finance Minister Mohamed Ma'it asserted. Global prices of oil per barrel have exceeded 80 dollars, a fact that required the state to "get local prices right", the minister said. In a statement, the finance minister said that the state has addressed the situation swiftly to avoid budget deficits' increase and control state debts which hinder the state's ability to continue economic reforms and provide social protection programs. The minister highlighted the demands that society is calling for, citing increasing expenditures on health, education and public investments domain as well as creating job opportunities for the youth. Ma'it said that all these demands which top the government's priorities prerequisite redirecting the state's resources. Subsidy of petroleum products in new year's fiscal year has been reduced to EGP 89.1 billion, compared to 110.15 billion in current fiscal year, Ma'it added. The new fiscal year's general budget is adopting several subsidies' programs with total costs of EGP 334 billion, a move that ensures that the state continues providing care and protection for the low-income brackets, he noted.
