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Tuesday, 11 December 2018

PM vows to resolve issue of overdue export subsidy payments

PM vows to end delays in payment of export subsidies: Prime Minister Moustafa Madbouly has vowed to resolve the issue of overdue export subsidy payments and keep track of delays with the help of the finance ministry, Edita Chairman and Food Export Council Head Hani Berzi told Al Mal. The PM made his remarks at a meeting with exporters on Monday.

Background: Exporters claim the Trade Ministry has for over two years fallen short of its promise to pay out 8-12% of the value of exports to companies through its Export Subsidy Fund. It disbursed EGP 504 mn last month though after exporters, who claim they’re owed up to EGP 12 bn, released a statement urging the government to take action. The Federation of Egyptian Industries (FEI) had proposed tax and custom breaks as an alternative solution.

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