CAIRO, June 30 (Reuters) - Energy subsidy cuts will save Egypt around 40 billion Egyptian pounds ($5.59 billion) in the 2014/15 budget that comes into effect on Tuesday, Finance Minister Hany Kadry Dimian said.

Egypt's president approved a tightened budget for the next fiscal year on Sunday, as the first step towards a period of painful economic austerity that is expected to include reforms of the country's costly subsidies system.

The minister said there was no immediate timeline for introducing the subsidy cuts. ($1 = 7.1501 Egyptian Pounds) (Reporting by Asma Alsharif; Editing by Alison Williams)