CAIRO — The Egyptian government sharply raised fuel prices early on Saturday, apparently signaling the resolve of the country’s new president, Abdel Fattah el-Sisi, to forge ahead with a series of austerity measures despite official concerns about a public backlash.
Fuel, bread and other goods are heavily subsidized in Egypt, where nearly 50 percent of the population lives under or near the poverty line. As Egypt has weathered years of economic crisis since the 2011 uprising against President Hosni Mubarak, talk of overhauling the subsidy program, which eats up more than a quarter of the state budget, has taken on added urgency…
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