Egypt 'can no longer afford stop-gap economic measures'

November 4, 2016 14:04

Prime Minister Sherif Ismail said on Friday Egypt "no longer has the luxury" of being able to postpone difficult economic decisions such as its plan to phase out subsidies over five years.

A day after the central bank floated the Egyptian pound and the government raised fuel prices, Ismail said he aimed to cut a subsidy bill that currently totals 201 billion Egyptian pounds ($12.97 billion) a year, to free up cash for other spending.He and other ministers also announced changes to some tariffs and subsidies at a news conference in Cairo.

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