The Egyptian Cabinet approved to keep the subsidy on home electricity bills until fiscal year (FY) 2024/2025 due to the economic fallout from the COVID-19 outbreak. The electricity subsidies were planned to be fully lifted by the end of FY 2021/2022 after the Egyptian pound was floated in 2016. The additional three-year subsidy will cost the state a total of EGP 26.7 billion.