MEMPHIS REISEN

Egyptian PM orders swift release of goods from customs to curb inflation – Dailynewsegypt

Egyptian Prime Minister Mostafa Madbouly has directed the government to expedite the release of goods currently held at customs, in a move aimed at easing supply chain bottlenecks and curbing rising inflation.

The directive came during a meeting on Sunday with key officials, including Central Bank of Egypt Governor Hassan Abdalla, Minister of Supply and Internal Trade Ali Moselhy, Minister of Agriculture and Land Reclamation Sayed El Quseir, and others.

“The Prime Minister stressed the need to expedite the release of goods currently stuck at customs to address supply chain disruptions contributing to inflation,” a government statement said.

The meeting focused on ensuring the availability of essential commodities like wheat, oil, and powdered milk, as well as financing their imports. Governor Abdalla assured the attendees that providing foreign currency for strategic goods and medicines remains a top priority. He added that the Central Bank of Egypt is actively collaborating with relevant ministries to ensure smooth import flows.

Discussions also covered the estimated $1.3bn worth of food, medicine, and animal feed currently held at customs. The Prime Minister welcomed recent market reactions to government measures, which saw corn and soybean prices decline. He emphasized continued market monitoring in the coming period.

With rising inflation putting pressure on farmers, the meeting also explored potential increases in the government’s wheat purchase price to support their livelihoods. Final price adjustments will be presented to the Cabinet for approval.

Concluding the meeting, Prime Minister Madbouly instructed the Ministers of Supply, Finance, and Agriculture to finalize the wheat purchase price and submit it to the Cabinet for approval.