Egypt Plans $4.2 Billion Cut in Energy Subsidy, Al-Masry Says
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Egypt’s government drafted a plan to reduce energy subsidies by 25.5 billion pounds ($4.2 billion), al-Masry al-Youm newspaper reported, citing an unidentified official.
Prime Minister Hisham Qandil submitted the proposal to President Mohamed Mursi, and talks between the two leaders yesterday focused on whether to implement the subsidy cut next month or wait until after parliamentary elections, the official said, according to the newspaper.