By: Mostafa Adel
Cairo – Mubasher: The Egyptian government plans to increase export subsidies to EGP 6 billion through periodic provisions, excluding the subsidy amount seen in draft budget of the fiscal year 2016/17, a finance ministry source told Mubasher.
Earlier this month, Minister of trade and industry, Tarek Kabil said that the government is planning to boost support for exports to reach EGP 6 billion in the new budget for 2016-2017.
However, the draft budget mentioned that the export subsidies value is EGP 2.6 billion only.
“The increase in export subsidies doesn’t conflict with the draft budget as it will be financed through periodic provisions from the state’s public treasury in accordance with priorities sectors,” the source, speaking on condition of anonymity, explained.
“The hike is aiming at maintaining the budget deficit at safe limits,” he added.
Translated by: Elwy el-Manzalawy
