Sun. Mar 26th, 2023

Egyptian President Abdul Fattah al-Sisi has instructed officials to speed up the release of all the commodities at its ports, as the country continues to grapple with a dollar crunch.

In a meeting with the country’s prime minister and minister of finance, Mr Sisi reviewed the current and future rates of releasing commodities from ports and into Egyptian markets, the presidency’s spokesman said in a statement.

It added that they also reviewed the “international standards” implemented at the Egyptian Customs Authority, particularly with regards to reducing the time required to release commodities.

Back in December, Egyptian Prime Minister Mostafa Madbouli said his cabinet was working on releasing $9.5bn (£8.3bn) worth of commodities from the ports.

The meeting also tackled the progress of the national economic reform programme supported by the International Monetary Fund (IMF), especially the amendments recently made to the law on prohibiting monopolies and the approval of the controversial state ownership policy document which the spokesman reiterated aims to increase the role of the private sector and its investments in the economy.

Critics previously deemed the document as a way to sell the state’s assets.

Egypt’s economy has been hit hard by the consequences of the Russia-Ukraine war and the Covid-19 pandemic.

Egypt recently managed to secure a $3bn loan from the IMF and an additional $6bn from other international organisations.

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By Joy

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