Ministry of Finance Announces Exporter Payments to Start Next Week

Newspaper Title: Cabinet Egypt

Newspaper Number:

Wednesday - 5 July 2023

The Ministry of Finance confirmed that starting next week, it will disburse entitlement payments to the first group of exporters benefiting from the sixth phase of the "Immediate Cash Payment" initiative who applied between May 7 to 11.

The Minister explained  that the payment date has been postponed to July 12 and 13 instead of July 5 and 6 due to Eid al-Adha holiday clashing with the start of the new 2023/2024 fiscal budget. The ministry will make the payments to exporters who have already submitted their required documents.

The Ministry of Finance issued a statement about the initiative.The sixth phase aims to support export burdens of companies.It covers export files completed by December 31, 2022. A 15% discount will be applied for shipments by June 30, 2021. An 8% discount will be given for shipments from July 1, 2021 to June 30, 2022.No discounts will be given for shipments from July 1, 2022 onwards.

The statement shed light on the ongoing cooperation and coordination with the banking sector, the Ministry of Trade and Industry, and the Export Development Fund to succeed the "Immediate Cash Payment" initiative and support exporters.

In summary, the ministry announced that it will start disbursing payments to exporters next week as part of an initiative to help provide them with liquidity and support their businesses. It mentioned the high demand from exporters for this sixth phase of the initiative.