The Egyptian Finance Ministry has vowed to pay LE 2 billion (€102 mln) to exporting companies, with the aim of providing the liquidity required to complete the production and export cycle. According to Finance Minister Mohamed Maait, the total amount spent by the government to pay the arrears of exporting companies during the past two years stood at LE 33 billion.
Maait said that the government has taken more measures to enhance the role of the private sector, and improve the investment environment represented in some tax exemptions and exempting some goods in free and economic zones from tax. He added that the coming period will see more incentives for the business community and also work on solving and facilitating all problems with government agencies.
The annual inflation rate in Egyptian cities rose to 14.6 percent in August, the highest level in nearly four years, compared to 13.6 percent in July, according to data from the Central Agency for Public Mobilization and Statistics.
This new rise in annual inflation, which reached its highest level since November 2018, was mainly driven by higher prices for vegetables, grains, bread, cigarettes and transportation, despite the decline in fruit, meat and poultry prices.
Source: egyptindependent.com