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Egypt able to provide necessary foreign exchange to import basic goods: PM - Daily News Egypt

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Egypt able to provide necessary foreign exchange to import basic goods: PM

Government is committed to adjusting market to mechanisms of free market and provide dollars of strategic goods withheld at customs, says Ismail

Egypt is able to provide the foreign exchange in dollars that is necessary for the importation of basic goods, especially food and inputs for industry, Prime Minister Sherif Ismail said in a meeting Monday.

Ismail alluded to the provision of foreign exchange needed to buy all the strategic food commodities to meet citizens’ needs and inputs of various industries, according to cabinet spokesman Hossam El-Kawish. He added that it will contribute to the provision of the local market needs, increase exports, and create more new jobs.

Ismail met with the Federation of Egyptian Chambers of Commerce (FEDCOC), in the presence of the Ministers of Supply and Internal Trade, and Trade and Industry, the President and representatives of FEDCOC, during the Monday meeting.

El-Kawish said the meeting reviewed a number of proposals made by the federation to support the economic development the government aims for. They also discussed a number of challenges in the current economic situation and ways to overcome them.

Ismail emphasised the government’s full commitment to take all necessary steps and actions to adjust the market according to the mechanisms of the free market.

According to a cabinet press release on Monday, all ports’ data will be reviewed to stand on the current situation of goods withheld at the customs, especially strategic ones to prioritise in the provision of foreign exchange.

According to Ismail, the private sector plays a pivotal role in the economic activity in Egypt and is a partner of the state in sustainable development processes taking place in all fields.

Ismail  promised on Monday to revise all proposals made by the federation during the meeting, pledging that the government is not sparing any effort to improve the performance level and indicators of the Egyptian economy. They aim to achieve balance between the interests of all parties included in the economic process and ensure to meet and provide the needs of citizens.

Topics: import
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