Egypt’s Deputy Minister of Finance, Yasser Sobhi, said on Tuesday the government is working on financial policies to promote investment, productivity, and exports within a stable economic environment.
Sobhi’s remarks were made during the first annual conference of the General Organization for Export and Import Control. He has made it clear that achieving fiscal discipline in the state budget is a key pillar for economic growth and future planning.
He stressed the need to support the business community to enhance productivity and Egypt’s competitiveness as part of efforts to boost non-oil exports, diversify income sources, and strengthen developmental and social spending.
Sobhi has said out that efforts are underway to speed up the refunding of value-added tax (VAT), pointing out that the finance Ministry is also collaborating with the Ministry of Investment and Foreign Trade to enhance the export support program and automate the Export Development Fund.
He unveiled plans to launch a new clearing system to balance investors’ dues with their government obligations, aiding in providing the liquidity needed to drive investment, production, and exports.
Sobhi revealed that more that LE67 billion have been disbursed to around 3,000 exporting companies since 2019.
He over viewed the ministry’s ongoing development and automation of the customs and risk management systems, noting that such efforts will facilitate international trade, reduce customs clearance times, lower production costs, and improve the competitiveness of the Egyptian business environment to attract more investments.
