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Tuesday, 15 January 2019

Finance Ministry mulling alternative solutions to overdue export subsidy funds

FinMin looks at alternative ways to disburse delayed export subsidies: The Finance Ministry is looking at different ways to pay out the delayed export subsidies owed to a number of exporters, Finance Minister Mohamed Maait said, according to Al Mal. Options under consideration at the ministry include exempting exporters from paying taxes equivalent to the amount due to them or putting in place a clearer, easier mechanism for the export subsidies fund to disburse them. Maait’s statement comes as exporters have ratcheted up the pressure to get the government to pay out the overdue subsidies. Food Export Council member Karim Abou Ghaly told us back in November that as many as 400 food importers alone are suffering, saying the sector has claim to about EGP 3 bn of the EGP 12 bn he believes the state owes exporters.

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