Egypt says fuel smart cards to be launched this fiscal year

Release of funds from international institutions depended on implementing reforms

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Egypt plans to launch fuel smarts cards in the 2016-17 fiscal year which began this month, deputy finance minister for monetary policy Ahmed Kojak said on Thursday.

The smart cards are part of a wide-ranging effort to reform Egypt’s costly subsidies program that eats up a large chunk of public spending in a country with a budget deficit of 9.8 per cent.

Another finance ministry official said the release of funds from international institutions like the African Development Bank depended on Egypt implementing eight reforms including in the energy, electricity, trade and industry sectors.

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