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FinancialNews


  • 25-11-18

    Egypt rejects bread subsidy reductions

    (MENAFN) Egypt rejected having plants to cut its bread subsidy, regardless of any reason to impose such a move.

    The statement was made by Egyptian Finance Minister Mohamed Maait during an interview with state-run Ahram newspaper.

    The Egyptian minister also denied implementing any alterations on "the bread subsidy system no matter how much the costs that the country has to bear."

    The minister further noted that "a loaf of bread costs the county 65 piasters (0.06 U.S. dollars)," however, five piasters per person are paid.

    Maait added that the country uses up to 100 billion of bread loaves per year, while Egyptians make an USD280 million payment with the government paying 60 billion pounds.

    MENAFN2511201800450000ID1097742117

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