Summary
Wearing sporting gear including cycling gloves, President Abdel-Fattah al-Sisi asked Egyptians Friday to cycle and walk more to help the cash-strapped government that spends tens of billions of dollars a year on fuel subsidies.
The former army chief gave one of his first speeches since last Sunday's inauguration to several hundred Egyptians on bicycles at a military college in Cairo before taking part in a cycling race.
Egypt spent about 170 billion Egyptian pounds ($24 billion) – or around a fifth of its budget – on energy subsidies this fiscal year ending June 30, according to state media, and plans to cut that to 104 billion next year.
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