The Egyptian Ministry of Finance agreed to pay a state-owned sugar company 1 billion Egyptian pounds to cover the cost of sugar subsidies in the year to June 30
According to Egypt's state news agency, Half of the amount was paid earlier this month to Egyptian Sugar and Integrated Industries.
On his part, Egypt's Minister of Finance Youssef Boutros Ghali said that the cost of various state subsidies, grants and social benefits had soared to an expected 95.2 billion pounds this financial year from 58.4 billion in 2006-07, said the agency.
Meanwhile, Egypt's Minister of Oil Sameh Fahmi said earlier on Tuesday that the fuel subsidies bill in Egypt is expected to rise to 72 billion Egyptian pounds in fiscal 2010/11 from 68 billion this year.
