Egypt approved extraordinary measures aimed at facilitating the release of imports and easing measures on investors and importers to limit the continued rise in prices.
Importers in Egypt find it difficult to provide hard currency, which facilitates the release of goods and commodities that have accumulated at Egyptian ports, limiting the number of goods and merchandise in the market and increasing prices.
Cairo is negotiating with the International Monetary Fund (IMF) to obtain dollar financing that will help attract other dollar investments and ease pressure on the country's balance of dollar transactions.
Egyptian Finance Minister Mohamed Maait said in a press statement that any shipments that completed customs procedures would be released after submitting their import financing form in coordination with the Central Bank and the Ministry of Trade and Industry.
Maait said the measures were drafted after coordination between the Central Bank, the ministries of transport, trade and industry, the shipping chamber, and shipping agents to prevent the accumulation of goods at harbors.
The minister said that fines for delay in fulfilling customs clearance formalities were also suspended because of the documents required to be completed by the relevant authorities.
He added that shipping agencies would be allowed to transfer imported goods from ports to warehouses and dry docks outside the customs ports in the name of shipping agencies or importers following the established procedures.
The Customs Authority will not release shipments under the names of importers outside the customs ports except after shipping agencies issue a "Delivery Order" to protect their dues, which will ease the additional burdens of storing goods in ports.
The minister revealed the deadline for food imports had been extended for four months, taking into account the validity date, and six months for non-food products, until the completion of the required documents from the relevant authorities.
