Finance Minister Mohamed Maait said that a package of exceptional measures has been approved to facilitate the release of imports and to ease burdens on investors and importers amid the ongoing international economic crisis.

The measures will come into effect within the coming few days, Maait said in a statement on Tuesday.

Maait said the measures were drafted after coordination between the Central Bank of Egypt (CBE), the ministries of transport, trade and industry, the shipping chamber, and shipping agents in order to prevent the accumulation of goods at harbours.

Releasing goods will take place within the next few days for shipments that have finalised customs procedures, Maait said, adding that the collection of fines from investors and importers is being suspended.

The period granted for releasing food commodities has been extended to four months, while other goods have been granted a six-month period, Maait said.

Source: State Information Service Egypt