As the country struggles with a dollar shortage, Egyptian President Abdul Fattah al-Sisi has directed officials to expedite the release of all commodities at its ports.
Mr. Sisi reviewed the current and future rates of releasing commodities from ports and into Egyptian markets in a meeting with the country’s prime minister and finance minister, the presidency’s spokesman said in a statement.
It went on to say that they also reviewed the “international standards” put in place by the Egyptian Customs Authority, particularly in terms of reducing the time it takes to release commodities.
Egyptian Prime Minister Mostafa Madbouli stated in December that his cabinet was working on releasing $9.5 billion (£8.3 billion) in commodities from the ports.
The meeting also discussed the progress of the IMF-supported national economic reform program, particularly recent amendments to the law 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.
Previously, critics saw the document as a way to sell the state’s assets.
Egypt’s economy has been severely harmed as a result of the Russia-Ukraine war and the Covid-19 pandemic.
Egypt recently obtained a $3 billion loan from the IMF and an additional $6 billion from other international organizations.
