Egypt plans to slash fuel and electricity subsidies in its 2019/2020 financial year, the finance ministry’s draft budget shows, but raising fuel prices closer to international levels could turn out to be an even more severe burden on the population, potentially leading to protests that would add to the ones in other African oil producing nations like Sudan and Algeria. Under the 2019/2020 budget bill—which needs parliament approval to become law—Egypt plans to further slash fuel and electricity subsidies, by 40.5 percent for fuel and by 75 percent for electricity, in the financial year 2019-2020, Middle East Monitor reports , citing the Egyptian finance ministry. Egypt, which has been heavily borrowing from the International Monetary Fund (IMF) in recent years to prop up its ailing economy, has promised to cut subsidies in order to continue receiving international financial support. However, the fuel subsidies mean that many Egyptians are struggling […]