CAIRO, May 10 (Reuters) - Egypt’s spending on fuel subsidies dropped by about 65% to 21 billion Egyptian pounds ($1.34 billion) in July-March, a petroleum ministry official told Reuters on Sunday.
Egypt spent 60.1 billion Egyptian pounds on fuel subsidies in the same period a year earlier. Over the past three years, Egypt has phased out subsidies on most fuel products as part of an IMF-backed economic reform programme. ($1 = 15.6900 Egyptian pounds) (Reporting by Ahmed Ismail; Writing by Nadine Awadalla; Editing by Susan Fenton)
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