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Egypt to boost consumer subsidies

Egypt's annual budget approved by the cabinet projects a 26% increase in subsidies of consumer commodities such as basic foodstuffs and fuel, Reuters has reported. The government plans to spend EGP22.4bn ($3.77bn) in the 2011-12 fiscal year to make consumer goods more affordable for the population, according to figures given by finance minister Samir Radwan. Separate fuel subsidies for consumers will rise to EGP99bn, an increase of EGP31.3bn.