Topping coverage on the diplomatic front this morning: Egypt and Greece will hold further talks to finalize the joint economic zone in the Mediterranean agreed in August, Greek Foreign Minister Nikos Dendias said yesterday following talks in Athens with FM Sameh Shoukry. The two ministers condemned Turkey’s “provocations” in the region and called for a deescalation of tensions. Shoukry also met with Greek President Katerina Sakellaropoulou at the presidential palace yesterday, a Foreign Ministry statement said.

Meanwhile, the government has disbursed EGP 1.4 bn in overdue export subsidies in 1Q2020-2021 so far, Prime Minister Moustafa Madbouly said during a meeting with the heads of export councils yesterday. Payments made over the past 10 weeks brings the total amount of subsidies disbursed since the beginning of FY2019-2020 to more than EGP 7 bn, he said, adding that continuing at this rate will see the government finish paying its arrears within three years. The Export Subsidy Fund is paying out EGP 600 mn each month over four EGP 150 mn weekly payments, advisor to the Vice Minister of Finance Nevine Mansour said. The government allocated EGP 7 bn towards subsidy payments in its FY2020-2021 budget, up from EGP 6 bn the year prior.