Egyptian gov't to provide weekly updates on import backlogs

Newspaper Title: www.egypt-business.com

Newspaper Number:

Tuesday - 27 December 2022

The figures will include the amount of released goods and the type of products, Madbouly said on Monday in a comment during the inauguration of two gas production factories and a tri-generation plant in the Abu Rawash district of Giza, which was attended by President Abdel-Fattah El-Sisi.

Madbouly said the government released goods worth $5 billion from ports between 1 to 23 December in cooperation with the banking sector. Meanwhile, goods worth $4-4.5 billion are ready to be released to cover the needs of the coming four months, including the holy fasting month of Ramadan, which sees higher demand rates for commodities.

The government plans to release the remaining goods soon as the government seeks to keep the production process functioning in the factories nationwide, he stressed.

Vast quantities of goods, including production inputs, have been accumulating at Egyptian ports amid a shortage in foreign currency due to economic shocks caused by the Russia-Ukraine war.