Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Egypt subsidies cut much-needed 'bitter medicine' Sisi  Join our daily free Newsletter

MENAFN - AFP - 07/07/2014
No. of Ratings : 0
Add to Mixx!


(MENAFN - AFP) Egypt's President Abdel Fattah al-Sisi said Monday a decision to raise fuel prices was "bitter medicine" that should have been taken before, but was not as governments feared a backlash.

The authorities on Friday slashed state subsidies on petrol and diesel, sparking anger among taxi drivers and others affected.

"We have to take this bitter medicine," Sisi said in a televised national address commemorating Egypt's military crossing of the Suez Canal during the 1973 war against Israel, which took place on the 10th day of the Muslim holy month of Ramadan.

The ex-army chief, who toppled Islamist president Mohamed Morsi in July 2013 before himself being elected president by a landslide in May, has repeatedly advocated austerity to narrow the budget deficit.

The decision to cut fuel subsidies "has been delayed, it has been delayed for years", Sisi said, adding that "all (previous) governments were worried to take it".

The political turmoil unleashed by the ouster of strongman Hosni Mubar in 2011 has devastated Egypt's economy, badly hitting key tourist revenues and investment.

Since then, successive governments have said subsidies - which made petrol in Egypt among the world's cheapest - must be lifted, but never took action, fearing a popular backlash.

"When you asked me to run for presidency, the agreement between me and you was that you bear with me," Sisi said, drawing a parallel with sacrifices endured by Egyptians during the 1973 war "to retrieve (their) dignity".

Authorities on Sunday also unveiled higher taxes on cigarettes and alcohol, and the government had previously warned that heavily subsidised electricity prices would be gradually raised over the next five years.

The state spends almost 30 percent of its budget on fuel and food subsidies, in a country where nearly 40 percent of the population of 86 million hovers around the poverty line.

Since the overthrow of Morsi, who was viewed with suspicion by regional powerhouses such as Saudi Arabia and the United Arab Emirates, Arab states in the oil-rich Gulf have pledged billions of dollars in aid to Egyptian authorities.


 


AFP




  MENA News Headlines
 Mar 27 2017 - du celebrates the month of reading with first internal ‘duReads’ forum held exclusively for employeesMENAFN Press
(MENAFN Editorial)In celebration of March as the month of reading, du held the first ever reading forum – ‘duReads’ – in the history of the company at Al Salam Tower in Dubai. Spanning two exciting ...

 Mar 27 2017 - Sharjah Police Launches Third Online Auction for Vanity Number PlatesMENAFN Press
(MENAFN Editorial)Sharjah Police announced launching its third online auction for distinguished number plates, in collaboration with Emirates Auction, the leading auction house in the Middle East, ...

 Mar 27 2017 - Almosafer launches flight booking serviceMENAFN Press
(MENAFN Editorial)After successfully running its hotel reservations platform for several years, Almosafer has now released its new flight reservation feature for both their web and mobile app ...

 Mar 27 2017 - USA in top 10 at Rankdit countries Rank for the Third day In rowMENAFN Press
(MENAFN Editorial) While United Arab emirates stayed at the top of the list followed by Jordan , USA reached the top 10 from day one The exciting challenge to share 10 sec. disappearing videos ...

 Mar 27 2017 - Zebra Technologies’ Next-Generation Solutions Recognized with Four iF Design Awards 2017MENAFN Press
(MENAFN Editorial)Zebra Technologies Corporation (NASDAQ: ZBRA), a global leader in providing solutions and services that give enterprises real-time visibility into their operations, announced that ...

 Mar 27 2017 - Global expands and diversifies its real estate holdings in the UK with two new acquisitions in the greater Manchester areaMENAFN Press
(MENAFN Editorial)Acting on behalf of its clients, Global Investment House (Global), a regional Asset Management and Investment Banking firm headquartered in Kuwait with offices in major capital ...

 Mar 27 2017 - 80% of Professionals in the Middle East Find It Easier to Communicate with Employers via Online Job SitesMENAFN Press
(MENAFN Editorial): A new poll by Bayt.com, the Middle East’s #1 job site, entitled ‘Communication at Work in the Middle East,’ revealed that almost all respondents (91.4%) from the Middle East ...

 Mar 27 2017 - Johannesburg to host the 10th Edition Hotelier Summit AfricaMENAFN Press
(MENAFN Editorial)Africa is steadily developing into one of the world’s greatest tourist destinations, and there is a need for increased demand for Hotels across the continent. In South Africa, ...

 Mar 27 2017 - H.E Dr. Aisha Bin Bishr Represents Smart Dubai at The World Happiness SummitMENAFN Press
(MENAFN Editorial) UAE, March 26, 2017- H.E Dr. Aisha bin Bishr, Director General, Smart Dubai Office, showcased the successes of Smart Dubai over the past three years in an international ...

 Mar 27 2017 - Software AG & RIT University Dubai enter into a partnershipMENAFN Press
(MENAFN Editorial) March 26, 2017- Software AG, a global leader in enterprise architecture, IT planning, business process management, integration and big data, recently joined forces with ...

more...


 





Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Search News
Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help