Egypt releases $23 bln worth of imported goods since January

Maait emphasised that the acceleration of the customs release process prioritised basic commodities, food manufacturing products, and pharmaceuticals.

Egypt is aiming to maintain the full operation of its production wheel and reduce importers' burden by reducing fines and providing basic commodities to its citizens, he added.

The average monthly release of goods at customs outlets is valued at $5 billion, according to the finance minister.

Maait confirmed that Egypt is developing its customs systems to meet the latest international standards, stimulate investment, reduce customs release time, and decrease costs of import and export processes while protecting local markets from questionable goods.

The ministry of finance also supports state efforts to secure a sustainable reserve of basic and food commodities for a six-month period to reduce the negative effects of supply chain disruptions and imported inflation, he stated.

To prevent accumulation at the ports, Egypt continues to facilitate release procedures, said the finance minister.

The government will also reduce the costs incurred by investors and importers, who have exceeded the deadline for completing customs procedures, by not collecting custom fines from them, Maait said.

Additionally, shipping agencies are now allowed to transfer imported goods from ports to warehouses and dry ports in the name of the shipping agency or importer, he stated.

The finance minister explained that these measures aim to reduce storage costs at ports, thus easing the pressure on importers and investors.