CAIRO: Economics professor at Ain Shams University Yomn Hamaky urged the government to rationalize subsidies through making “sound decisions” and “adopting decisive procedures.”
Yomn also demanded the government overcome all obstacles which hinder foreign companies operating in Egypt, and to reconsider petroleum agreements.
The professor also stressed the need to reduce petroleum subsidies, which now cost 120 billion EGP (U.S. $17 billion) for imports, and pose a “major burden” on the government under the current economic crisis.
He said there are many possible solutions for reducing the subsidies budget, including the application of smart card a system which would ensure fair distribution of products.
Originally published in Youm7.