The government will begin implementing today the EGP6bn new export subsidy framework after holding several meetings with the export councils, according to Al Mal. Exporters have been awaiting clarity on how the government plans to implement the new programme, which will see EGP2.4bn (40%) of the EGP6bn disbursed as cash subsidies, EGP1.8bn (30%) through tax and payment discounts, and the remaining EGP1.8bn (30%) will be spent by the Export Subsidy Fund to “build up Egypt’s export capacities.” Meanwhile, the government also noted that it is on track to settle overdue export arrears. The Finance Ministry is currently in the process of giving exporters EGP800mn worth of tax breaks to settle overdue arrears under the old programme, and it said EGP2bn will be settled soon through the four new ways announced in July, alongside tax breaks.