The Minister of Oil had said last Tuesday that the energy bill would reach EGP45-48bn for the full fiscal year. This comes largely in line with our forecasts of EGP46bn for total bill in FY2015/16 equivalent to 1.7% of GDP. The decline is entirely related to the sharp decline in global oil prices in the absence of any energy-related price reform measures in 2015/16. We expect the bill to rise to EGP52bn in FY2016/17 largely due to a weaker USD-EGP. We note the number does not include electricity subsidies, but only those of fuel products. (Reuters, Mohamed Abu Basha)