Egypt Announces Arrangements for Successive Release of Goods in Ports

PM Mostafa Madbouly said that it was agreed with the governor of the Central Bank of Egypt (CBE) on the priorities of releasing commodities in the ports, especially with regard to food commodities, as the holy month is approaching, as well as production requirement components.

The prime minister stressed that the government is working through all its agencies in order to work on the availability of various commodities in the markets, with the aim of achieving a balance in prices; to reduce the burden on citizens, calling for a plan to release all commodities in the ports.

This came during a meeting held by Madbouly to follow up the markets and preparations for the holy month of Ramadan.

Ali Al-Moselhi, Minister of Supply said that coordination is taking place with the Federation of Industries and Chambers of Commerce in this regard, and it was agreed that priority should be given to everything related to the food industry.

The meeting witnessed a review of the quantities of commodities that were released during the week, especially food commodities, such as oils and legumes, as well as meat and fodder, as it was indicated that commodities were released during these two days at a value of about $300 million.

On his part, Minister of Agriculture Al-Sayed el-Quseir stated that announcing a clear plan for the customs release of goods will serve as a message of stability and reassurance to the market, and thus a balance will occur in prices, noting that a plan will be announced for the release of fodder, whether from soy, corn, or additives, reviewing a report on the total quantities currently in customs, and his proposals for release priorities.

Mohamed El Sewedy, head of the Federation of Egyptian Industries stressed the importance of speeding up the release of various commodities, especially food commodities, and everything related to food processing, as well as various production requirements.

While Alaa Ezz, Secretary-General of the Federation of Chambers of Commerce explained that arrangements are currently being made for the various commodity outlets that will be established in various governorates with the approaching holy month, highlighting a full coordination with the Ministry of Trade and the Federation of Industries.