Latest news with #AhmedKouchouk
Zawya
a day ago
- Business
- Zawya
Egypt: Finance Ministry to disburse 50% of exporters' overdue subsidies starting August 7th
Egypt's Ministry of Finance has begun the executive procedures to disburse 50% of the total overdue payments to exporting companies under the export subsidy program, Finance Minister Ahmed Kouchouk announced. The actual payment will take place on August 7th, through the four participating banks: the National Bank of Egypt (NBE), Banque Misr, Banque du Caire, and Export Development Bank of Egypt (EBank). Kouchouk explained that the dues of around 2,400 exporting companies are expected to be disbursed, with a total value exceeding EGP 25 billion. The dues are for shipments before the end of June 2024 over a four-year period, starting from the fiscal year of 2025/2026. This will contribute to providing cash liquidity to exporters and encourage them to expand their production and export activities. He outlined that this falls under the government's financial policies for economic activity to boost private sector-led growth rates. On her part, Nevine Mansour, Advisor to the Minister of Finance for Financial Policies, said that 50% of exporters' dues will be settled through the clearing system from their debts owed to the tax, customs, insurance, electricity, and gas entities. A total of EGP 70 billion was disbursed to more than 2,800 exporting companies between 2019 and 2024, added Mansour. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
2 days ago
- Business
- Zawya
Half of exporters' dues for pre-June 2024 shipments to be paid in cash starting August 7: Egypt's minister
Egypt - Ahmed Kouchouk, Minister of Finance, announced that 50% of the outstanding dues owed to exporters for shipments made before the end of June 2024 will begin to be paid in cash over a four-year period, starting from the 2025/2026 fiscal year. In a statement issued by the Ministry of Finance on Monday, Kouchouk noted that the disbursements—exceeding EGP 25bn—are expected to benefit around 2,400 exporting companies to date. The measure aims to enhance exporters' cash liquidity, enabling them to scale up production and expand their export activities. It is part of a broader strategy to implement more effective fiscal policies that stimulate economic activity and promote private sector–led growth. Nevine Mansour Kouchouk confirmed that implementation procedures are already underway in coordination with the Export Development Fund. The actual cash disbursements will commence on 7 August through the National Bank of Egypt, Banque Misr, Banque du Caire, and the Export Development Bank of Egypt. He reaffirmed the Ministry's commitment to settling all arrears related to shipments made before the end of June 2024. Nevine Mansour, Advisor to the Minister of Finance for Institutional Relations, added that 50% of the exporters' arrears will be cleared through a set-off system against their liabilities owed to the Tax Authority, Customs Authority, Social Insurance Fund, and the electricity and gas sectors. She highlighted that more than EGP 70bn in support has been disbursed to over 2,800 exporting companies between 2019 and 2024. © 2024 Daily News Egypt. Provided by SyndiGate Media Inc. (
Al-Ahram Weekly
2 days ago
- Business
- Al-Ahram Weekly
Egypt to pay half of exporters' arrears in August, EGP 25 bln allocated - Economy
Egypt's government will begin repaying overdue debts to exporters in August, starting with a cash payout covering half of what is owed for shipments made before the end of June 2024. The Ministry of Finance announced on Monday that around EGP 25 billion will be disbursed to approximately 2,400 companies, with the first instalment scheduled for 7 August. Payments will be made through four participating banks: the National Bank of Egypt, Banque Misr, Banque du Caire, and the Export Development Bank of Egypt. The funds are part of a broader payment plan under the FY2025/26 budget, which allocates EGP 44.5 billion out of a total of EGP 78.1 billion set aside for supporting exports and industry—to clear arrears. Finance Minister Ahmed Kouchouk said the move aims to provide exporters with urgently needed liquidity. 'We are committed to providing the liquidity exporters need to sustain and expand their production and export activities,' he said, framing the initiative as part of the government's push for private-sector-led growth. The remaining 50 percent of the arrears will be settled through a clearing mechanism, allowing companies to offset what the state owes them against debts they owe to government bodies, including the tax and customs authorities, the Social Insurance Authority, and utility providers such as electricity and gas companies. Nevin Mansour, advisor to the finance minister, stated that the dual-track system of partial cash payments and clearing will alleviate pressure on exporters while also enhancing fiscal coordination across public agencies. She noted that the government has already paid more than EGP 70 billion to 2,800 exporters since 2019 through earlier support programmes. The decision comes as Egypt faces ongoing economic headwinds and negotiations with the International Monetary Fund (IMF), with the government under pressure to contain spending while encouraging foreign currency inflows. Officials say the arrears settlement should help boost exports and ease balance of payments constraints, though delays in previous programmes have left some exporters cautious about the timeline. Follow us on: Facebook Instagram Whatsapp Short link:
Daily News Egypt
2 days ago
- Business
- Daily News Egypt
Half of exporters' dues for pre-June 2024 shipments to be paid in cash starting 7 August: Finance Minister
Ahmed Kouchouk, Minister of Finance, announced that 50% of the outstanding dues owed to exporters for shipments made before the end of June 2024 will begin to be paid in cash over a four-year period, starting from the 2025/2026 fiscal year. In a statement issued by the Ministry of Finance on Monday, Kouchouk noted that the disbursements—exceeding EGP 25bn—are expected to benefit around 2,400 exporting companies to date. The measure aims to enhance exporters' cash liquidity, enabling them to scale up production and expand their export activities. It is part of a broader strategy to implement more effective fiscal policies that stimulate economic activity and promote private sector–led growth. Kouchouk confirmed that implementation procedures are already underway in coordination with the Export Development Fund. The actual cash disbursements will commence on 7 August through the National Bank of Egypt, Banque Misr, Banque du Caire, and the Export Development Bank of Egypt. He reaffirmed the Ministry's commitment to settling all arrears related to shipments made before the end of June 2024. Nevine Mansour, Advisor to the Minister of Finance for Institutional Relations, added that 50% of the exporters' arrears will be cleared through a set-off system against their liabilities owed to the Tax Authority, Customs Authority, Social Insurance Fund, and the electricity and gas sectors. She highlighted that more than EGP 70bn in support has been disbursed to over 2,800 exporting companies between 2019 and 2024.
Zawya
23-06-2025
- Business
- Zawya
No tax hikes in Egypt's new budget; broader tax base planned: Kouchouk
Arab Finance: Minister of Finance Ahmed Kouchouk confirmed that Egypt's new budget will not include any tax increases, emphasizing instead a strategy to broaden the tax base as a mutually beneficial move for the state and taxpayers, as per a statement. Speaking during a conference to announce preliminary results of the recent tax relief package, Kouchouk said a significant portion of the business community had positively responded to the package, helping the ministry meet key objectives. He stressed that the tax community has played a crucial role in achieving positive economic indicators over the past 11 months. Kouchouk added that the upcoming fiscal year (FY) 2025/2026 will see additional packages aimed at encouraging both current and new taxpayers. He also noted that facilitations related to property tax are on their way to the House of Representatives, while customs-related reforms will be rolled out in the next FY. Moreover, he said that the ministry aims to provide financial assistance to back social protection and human development. Additionally, the minister highlighted that private investments grew over the past period, stressing continuous support to prioritized sectors. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
