The Minister of State for Economic Affairs and the head of the committee formed to study the mechanism of replacing direct fuel subsidies with cash subsidies held a meeting today, Tuesday, in the presence of the Minister of Local Government, Badr Al-Din Al-Sadeq Al-Toumi, the Undersecretary of the Ministry of Economy and Trade for Economic Affairs, Saad Mohamed Abdullah, the Chairman of the Brega Petroleum Marketing Company Management Committee at the Cabinet Office, Ibrahim Ahmed Abu Breda, in addition to many others, in order to study the mechanism of replacing direct fuel subsidies with cash subsidies.
The terms of reference of the committee and the distribution of tasks were reviewed depending on the commission, and the recommendations made in the report on the reform of the fuel subsidy system and the implications for the legal, economic, social, security and technical aspects of the subsidy mechanism were presented.
The need to study the method and how to implement subsidy replacement and benefit from the experiences of other countries and the possibility of raising subsidies at a rate of (20%) was also discussed.
On their side, the attendees recommended the importance of forming a team to visit Egypt to see the mechanisms for implementing the partial lifting of subsidies, preparing a database that includes the real quantities of imported and locally produced fuels and knowing the value of cash support for each citizen according to the support budget.
They also stressed the need to hold workshops, seminars and press conferences to introduce the advantages of replacing direct with cash subsidies.