Egypt targets full settlement of export subsidy arrears within two years

Egypt has paid exporters 70 billion Egyptian pounds under its export subsidy programme over the past six years and aims to clear all outstanding subsidy arrears within the next two years, a senior Finance Ministry official said on Monday.

Nevine Mansour, adviser to Finance Minister Ahmed Kouchouk for economic institutions, made the remarks during the inaugural meeting of a joint committee between the Finance Ministry and the Egyptian Exporters Association (Expolink).

“Egypt has paid 70 billion pounds to exporters over the past six years, including 12.6 billion pounds in the last fiscal year alone,” Mansour said.

She said the government was targeting the full settlement of outstanding export subsidy arrears within two years as part of efforts to support exporters and strengthen their competitiveness in international markets.

The move comes as Egypt seeks to boost exports as a key driver of economic growth, increase foreign-currency earnings and expand the role of the private sector under its broader economic reform programme.

Attribution: Amwal Al Ghad English