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Egypt Should Save on Assets, Subsidies, Heikal Writes in FT

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Jan. 23 (Bloomberg) -- Egypt could save as much as $58 billion a year if it used state assets better and phased out subsidies on energy and food over five years, Ahmed Heikal, the chairman of Citadel Capital SAE, wrote in the Financial Times.

$20 billion could be used for cash payments to qualified welfare beneficiaries and $38 billion for health, education, job creation and cutting the budget deficit, Heikal said. Subsidies are the main source of inequality in Egypt, he added.

To contact the reporter on this story: Arif Sharif in Dubai at asharif2@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net

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