Egypt to reign in energy subsidies . . . in due course | beyondbrics | FT.com

Energy subsidies are the bane of Egyptian budgets, soaking up as much public funds as health and education put together - which is why the government is looking to cut back on energy subsidies in the near future, as Egypt’s finance minister told beyondbrics in an interview.

But you wouldn’t be able to tell by looking at the government’s budget, just adopted for the fiscal year to start in July, which outlines some $12bn still to be spent on supporting the prices of a range of fuels from natural gas for industrial and domestic consumption to the unleaded petrol guzzled up by the swanky SUVs now fashionable among the rich.

“We have a vision [for reducing subsidies] but we don’t publicise it,” said Youssef Boutros Ghali, Egypt’s finance minister, in an interview with the FT . “In the coming months you will see.”