Egypt’s Minister of Finance and Coordinator of the cabinet’s Economic Cluster Mohamed Maait has announced that export enterprises will be exempted from introducing the fiscal position certificate that is required to disburse their dues from the Export Support Fund until June.

Maait said the action came under the directives of President Abdel-Fattah El-Sisi during his meeting with the prime Minister and head of the Cabinet’s Economic Cluster Mostafa Madbouly on Monday.

He added that 30 percent of export arrears will be disbursed over three tranches from the Export Support Find.

Maait clarified that the finance ministry has coordinated with trade and industry ministry to disburse the first tranche of exporters’ arrears by 20 percent for exporters who signed settlement protocols with the two ministries under the investment initiative.

The minister said that the government is willing to take any steps that boost the manufacturing and export sectors to mitigate the impact of the COVID-19 outbreak.