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Energy subsidies are without doubt one of the main problems of Egypt`s ailing economy. Officially accounting for 20 percent of Egypt's budget, the government has proposed a long list of subsidy reforms (the latest being a smart card reform) as it struggles along to pay its bills – or not at all with the Egyptian General Petroleum Corporation (EGPC) currently owing up to $20bn to oil companies and banks. If that would not be enough, there are two reasons why Egypt`s subsidy bill has not only eaten up a staggering $17 bn ($120bn), but probably a lot more.