Egypt Earmarks Additional $150 Million for Fuel Purchases

Egypt’s Finance Ministry said it allocated an additional $150 million for fuel purchases to ensure adequate supplies in the market and took “urgent measures” to ensure that other commodities are available.

The additional funds raised to $4.5 billion dollars the amount given to the Egyptian General Petroleum Corp., Finance Minister Momtaz el-Saieed said in a statement today. He didn’t say over what period the funding had been provided.

While the government had budgeted 40 billion pounds ($6.6 billion) for fuel subsidies from December through May, the actual outlay amounted to 59 billion Egyptian pounds, Prime Minister Kamal el-Ganzouri told journalists yesterday.

To contact the reporter on this story: Abdel Latif Wahba in Cairo at alatifwahba@bloomberg.net

To contact the editor responsible for this story: Riad Hamade at rhamade@bloomberg.net

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