Does Egypt have a fossil fuel subsidy?

Egypt had longstanding fossil fuel subsidies that maintained low consumer prices for a range of petroleum products, including gasoline, diesel, kerosene and natural gas. Subsidy reforms had been in the pipeline for more than five years, but had been repeatedly stalled due to political instability.

How much money did Egypt spend on fuel subsidies in 2013?

Though fuel shortages had been central to an economic crisis in 2013, an outsize share of Egypt’s budget went to fuel subsidies: $21 billion in 2013, equivalent to 22% of the budget or 6% of Egypt’s GDP.

Which countries have reformed their fossil fuel subsidies?

Global Subsidies Initiative Report. Geneva, Switzerland: International Institute for Sustainable Development. In 2014, Egypt reformed its longstanding fossil fuel subsidies, raising the price of widely consumed petroleum products, including gasoline (by 78%), diesel (by 64%) and kerosene (by 64%).

What happened to Egypt's economy in 2013?

GDP growth had slowed from 5% in 2010 to 2% in 2013, unemployment was rising above 13% (and above 30% for youth) and the budget deficit amounted to 8% of GDP. Egypt had longstanding fossil fuel subsidies that maintained low consumer prices for a range of petroleum products, including gasoline, diesel, kerosene and natural gas.