Bloomberg the Company & Products

Bloomberg Anywhere Login


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Egypt Fuel-Subsidy Spending May Climb in January Quarter

Don't Miss Out —
Follow us on:

Jan. 8 (Bloomberg) -- The Egyptian government’s fuel subsidies may climb to as much as 30.9 billion Egyptian pounds ($4.79 billion) in the three months beginning Jan. 1, state-run Egyptian General Petroleum Corp. Chairman Hani Dahi said.

The North African country spent 30 billion pounds on the subsidies in each of the previous quarters of the fiscal year that started on July 1, 2012, Dahi said by phone from Cairo.

Egypt, with the Middle East’s biggest budget deficit, is struggling to cap public expenditure, 20 percent of which went to energy subsidies in the last fiscal year. The nation is waiting to finalize an agreement with the International Monetary Fund for $4.8 billion as its currency weakened against the dollar and its foreign reserves plunged.

“Spending on fuel subsidies in the third quarter will rise between 2 to 3 percent,” Dahi said. The government company, known as EGPC, owes foreign partners $4.5 billion, $1.8 billion of which it has agreed to pay back in instalments, he said.

To contact the reporter on this story: Ola Galal in Cairo at

To contact the editor responsible for this story: Stephen Voss at

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.