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Monday, 26 September 2022

FinMin blames importers for the pile-up at the nation’s ports

Last night’s talk shows gave us a little bit of this — and a little bit of that.

FinMin gives big thumbs up to CBE for easing import restrictions: The Central Bank of Egypt’s new rules for facilitating FX for imports is a welcome move for the Finance Ministry by helping to clear the backlog of goods held up at ports, FinMin advisor Mona Nasser told Al Hayah Al Youm. The ministry has in the past several weeks been conducting a sweep of imported shipments held up at customs to decide how to handle them on a case-by-case basis. The ministry recognizes that there are some hurdles beyond importers’ control — such as difficulties securing letters of credit or delays in finalizing import procedures — the importers “should not be punished for,” Nasser said (watch, runtime: 3:01). Under the Customs Act, goods that remain at ports for a certain period of time are deemed “abandoned” and typically sold at auction at a significant markdown. 

Anything COP-related is getting fast-tracked out of customs: The government will facilitate the entry of any goods or equipment coming in for use at COP27, Nasser told Ala Mas’ouleety (watch, runtime: 3:40). Items coming in for the climate summit spend no longer than a day in customs, she added.

Also on the airwaves last night:

  • GEM update: Construction on the Grand Egyptian Museum (GEM) has been completed and so far it holds some 56k artifacts, including the entire Tutankhamun collection. (Kelma Akhira | watch, runtime: 6:49)
  • More detainees released: Another 36 pre-trial detainees received a presidential pardon today. El Hekayah (watch, runtime: 4:51)

FACT CHECK- Your vehicle must be equipped with a first aid kit, a warning triangle and a fire extinguisher, in accordance with traffic regulations and any rumors saying otherwise are untrue. What’s changed? You can purchase them from from the Interior Ministry — or from a third party seller. (El Hekaya | watch, runtime: 2:53)

EDITOR’S NOTE- This story was amended on 26 September, 2022 to correct Finance Ministry advisor Mona Nasser’s comments on how the Finance Ministry sees the problems importers are currently facing. 

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