(Media Line-Jerusalem Post) Subsidies on bread, rice, sugar, cooking oil and fuel are what separates many Egyptians from chronic hunger. 3/4 of Egypt's 80 million people use ration cards to buy loaves of bread at less than $0.01 each. In the 2010-2011 fiscal year, Egypt spent $5.5 billion on subsidies. An October 2010 World Bank report said approximately half of all subsidies goes to the wealthiest 60%. Flour mills produce subsidized flour for the government for less than a tenth of its market value. This subsidized flour is often sold illegally in the open market because the profits are huge.
2011-10-27 00:00:00Full ArticleBACK Visit the Daily Alert Archive