Egypt subsidies jump LE 35B in 10 months: CAPMAS

CAIRO – 2 September 2017: The total value of Egyptian subsidies jumped LE 34.7 billion ($ 1.97 billion) to reach LE 117.8 billion ($ 6.68 billion) in the period between July 2016 and May 2017 compared to LE 83.2 billion in the same period the year prior, state official statistics revealed.

According to its August report, the Central Agency for Public Mobilization and Statistics (CAPMAS) highlighted that the value of subsidies granted for the supply of goods during this period reached LE 43.5 billion, up from LE 40.4 billion in the same period of the previous year.

Moreover, Subsidies for petroleum products hit LE 38.8 billion of total subsidies in the period from July 2016 to May 2017.

Subsidies given to the governmental financial institutions stood at LE 900 million in the aforementioned period, down from LE 3.5 billion in the same ten months of the previous year.

As for other institutions, the government granted around LE 34.6 billion subsidies compared to LE 39.3 billion in the same period of the fiscal year 2015/2016.