Finance minister hopeful reforms can revive Egyptian economy

Egypt will press ahead with plans to cut costly energy subsidies and introduce further tax reforms to boost the economy and halve the budget deficit within seven years, the country's finance minister said on Tuesday.

President Abdel Fattah al-Sisi raised fuel prices by up to 78 percent shortly after taking office in June -- a politically-sensitive step that his predecessors had shunned.

Finance Minister Hany Kadry Dimian said the move, along with tax hikes, had boosted confidence in Egypt's economy, hit by political turmoil since the 2011 uprising that ousted Hosni Mubarak. He said past mistakes would be avoided.