“The anger stems from a controversial decision by the government of Egypt’s new president, Abdel-Fattah el-Sissi, to cut energy subsidies in order to address the country’s staggering deficit. Egypt spends a quarter of its budget on a subsidy system that discounts basic necessities for its citizens. But three years of political turmoil has devastated the crucial tourism industry and scared off foreign investment. The new price hikes on fuel — which came into effect over the weekend — are between 40 and 78 percent. The government is also raising electricity prices, with plans to end power subsidies in five years. Taxes on beer doubled and also increased on cigarettes.”
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