{"id":549666,"date":"2022-09-26T04:00:25","date_gmt":"2022-09-26T04:00:25","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/26\/finmin-blames-importers-for-the-pile-up-at-the-nations-ports\/"},"modified":"2022-09-26T04:00:25","modified_gmt":"2022-09-26T04:00:25","slug":"finmin-blames-importers-for-the-pile-up-at-the-nations-ports","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/26\/finmin-blames-importers-for-the-pile-up-at-the-nations-ports\/","title":{"rendered":"FinMin blames importers for the pile-up at the nation\u2019s ports"},"content":{"rendered":"<p><strong>Last night\u2019s talk shows gave us a little bit of this \u2014 and a little bit of that.<\/strong><\/p>\n<p><b>FinMin gives big thumbs up to CBE for easing import restrictions:<\/b><span style=\"font-weight: 400;\"> The Central Bank of Egypt\u2019s <\/span><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e2f88e93-0622-464e-ba6b-ea6289616074\"><span style=\"font-weight: 400;\">new rules for facilitating FX for imports<\/span><\/a><span style=\"font-weight: 400;\"> 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\u2019 control \u2014 such as difficulties securing letters of credit or delays in finalizing import procedures \u2014 the importers \u201cshould not be punished for,\u201d Nasser said (<a href=\"https:\/\/www.youtube.com\/watch?v=uw0mUIAernY\">watch, runtime: 3:01<\/a>). Under the Customs Act, goods that remain at ports for a certain period of time are deemed \u201cabandoned\u201d and typically sold at auction at a significant markdown.&nbsp;<\/span><\/p>\n<p><strong>Anything COP-related is getting fast-tracked out of customs:<\/strong> The government will facilitate the entry of any goods or equipment coming in for use at COP27, Nasser told Ala Mas\u2019ouleety (<a href=\"https:\/\/www.youtube.com\/watch?v=3vOhPnn2TNc\">watch, runtime: 3:40<\/a>). Items coming in for the climate summit spend no longer than a day in customs, she added.<\/p>\n<p><strong>Also on the airwaves last night:<\/strong><\/p>\n<ul>\n<li><strong>GEM update: <\/strong>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 | <a href=\"https:\/\/www.youtube.com\/watch?v=HNgeKpEMqOc\">watch, runtime: 6:49<\/a>)<\/li>\n<li><strong>More detainees released:<\/strong> Another 36 pre-trial detainees received a presidential pardon today. El Hekayah (<a href=\"https:\/\/www.youtube.com\/watch?v=V6V4H2btOiE\">watch, runtime: 4:51<\/a>)<\/li>\n<\/ul>\n<p><strong>FACT CHECK- <\/strong>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\u2019s changed? You can <a href=\"https:\/\/www.facebook.com\/MoiEgy\/posts\/pfbid0ZaMcxddd6kKWwp8rJRwbXDrAGNaGqnbd6JfF81F3ikux9KRhAsU9NBPGg7UEABq4l\">purchase them from from the Interior Ministry<\/a> \u2014 or from a third party seller. (El Hekaya | <a href=\"https:\/\/www.youtube.com\/watch?v=fCAQVLmMPJ4\">watch, runtime: 2:53<\/a>)<\/p>\n<p><em>EDITOR\u2019S NOTE- This story was amended on 26 September, 2022 to correct Finance Ministry advisor Mona Nasser\u2019s comments on how the Finance Ministry sees the problems importers are currently facing.&nbsp;<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Last night\u2019s talk shows gave us a little bit of this \u2014 and a little bit of that. FinMin gives big thumbs up to CBE for easing import restrictions: The Central Bank of Egypt\u2019s new rules for facilitating FX for imports is a welcome move for the Finance Ministry by helping to clear the backlog [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7232],"tags":[72,276,395,106],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-549666","post","type-post","status-publish","format-standard","hentry","category-last-nights-talk-shows","tag-enterpriseam","tag-finance-ministry","tag-grand-egyptian-museum","tag-last-nights-talk-shows","wpautop","entry"],"acf":{"mongo_id":"d5ce3cb4-2b6d-4cc5-bd58-856a1181a228","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[549655],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>FinMin blames importers for the pile-up at the nation\u2019s ports - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/26\/finmin-blames-importers-for-the-pile-up-at-the-nations-ports\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FinMin blames importers for the pile-up at the nation\u2019s ports\" \/>\n<meta property=\"og:description\" content=\"Last night\u2019s talk shows gave us a little bit of this \u2014 and a little bit of that. FinMin gives big thumbs up to CBE for easing import restrictions: The Central Bank of Egypt\u2019s new rules for facilitating FX for imports is a welcome move for the Finance Ministry by helping to clear the backlog [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/26\/finmin-blames-importers-for-the-pile-up-at-the-nations-ports\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2022-09-26T04:00:25+00:00\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/26\/finmin-blames-importers-for-the-pile-up-at-the-nations-ports\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/26\/finmin-blames-importers-for-the-pile-up-at-the-nations-ports\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"FinMin blames importers for the pile-up at the nation\u2019s ports\",\"datePublished\":\"2022-09-26T04:00:25+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/26\/finmin-blames-importers-for-the-pile-up-at-the-nations-ports\/\"},\"wordCount\":357,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"EnterpriseAM\",\"Finance Ministry\",\"Grand Egyptian Museum\",\"LAST NIGHT\u2019S TALK SHOWS\"],\"articleSection\":[\"LAST NIGHT\u2019S TALK SHOWS\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/26\/finmin-blames-importers-for-the-pile-up-at-the-nations-ports\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/26\/finmin-blames-importers-for-the-pile-up-at-the-nations-ports\/\",\"name\":\"FinMin blames importers for the pile-up at the nation\u2019s ports - 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Manufacturers are currently exempt from paying the fee, but during a meeting with\u2026","rel":"","context":"In &quot;Basic Materials + Commodities&quot;","block_context":{"text":"Basic Materials + Commodities","link":"https:\/\/enterpriseam.com\/egypt\/category\/basic-materials-commodities\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":571885,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/03\/finmin-opens-expedited-customs-clearance-to-sme-importers\/","url_meta":{"origin":549666,"position":1},"title":"FinMin opens expedited customs clearance to SME importers","author":"enterpriseam admin","date":"3 June 2020","format":false,"excerpt":"SMEs will be able to join a whitelist of importers eligible for expedited customs clearance, according to a Finance Ministry decision waiving a requirement that allowed only companies with higher revenues to apply for the scheme. Smaller importers will need to prove they are able meet contractual obligations to qualify\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":578443,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/28\/last-nights-talk-shows-the-customs-police-are-watching\/","url_meta":{"origin":549666,"position":2},"title":"Last Night\u2019s Talk Shows: The customs police are watching","author":"enterpriseam admin","date":"28 December 2022","format":false,"excerpt":"Imports led the talk shows last night for the second night running, this time centered around the Customs Authority\u2019s decision to crack down on violators who fail to disclose the true value of their imported goods. The authority yesterday said that importers caught fabricating documentation and submitting invoices of less\u2026","rel":"","context":"In &quot;LAST NIGHT\u2019S TALK SHOWS&quot;","block_context":{"text":"LAST NIGHT\u2019S TALK SHOWS","link":"https:\/\/enterpriseam.com\/egypt\/category\/last-nights-talk-shows\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/583.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":569794,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/08\/finmin-reviews-customs-controls-to-aid-smes\/","url_meta":{"origin":549666,"position":3},"title":"FinMin reviews customs controls to aid SMEs","author":"enterpriseam admin","date":"8 March 2020","format":false,"excerpt":"Egypt reviews customs controls to aid SMEs: The Finance Ministry is reviewing Authorised Economic Operator Program conditions to allow for more SMEs to enjoy the benefits of the Green Path System in ports and customs outlets, according to a ministry statement. It is also considering providing whitelisted importers with field\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":578483,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/02\/last-nights-talk-shows-getting-imports-flowing-again\/","url_meta":{"origin":549666,"position":4},"title":"Last Night\u2019s Talk Shows: Getting imports flowing again","author":"enterpriseam admin","date":"2 January 2023","format":false,"excerpt":"Imports led the inaugural talk shows of 2023, after Prime Minister Moustafa Madbouly held a presser at the weekend (watch, runtime: 16:48) on government efforts to clear the backlog of goods at ports. The central bank on Thursday lifted the requirement to use letters of credit to finance imports and\u2026","rel":"","context":"In &quot;LAST NIGHT\u2019S TALK SHOWS&quot;","block_context":{"text":"LAST NIGHT\u2019S TALK SHOWS","link":"https:\/\/enterpriseam.com\/egypt\/category\/last-nights-talk-shows\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/9.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":543759,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/16\/last-nights-talk-shows-the-great-debate-over-import-letters-of-credit\/","url_meta":{"origin":549666,"position":5},"title":"Last Night\u2019s Talk Shows: The great debate over import letters of credit","author":"enterpriseam admin","date":"16 February 2022","format":false,"excerpt":"Industry officials and banking experts spoke up on the airwaves last night about the CBE\u2019s new import rules, after the bank announced it would not amend its decision requiring importers to get letters of credit (L\/Cs) for their purchases despite complaints from importers. Head of the Egyptian Businessmen\u2019s Association Ali\u2026","rel":"","context":"In &quot;LAST NIGHT\u2019S TALK SHOWS&quot;","block_context":{"text":"LAST NIGHT\u2019S TALK SHOWS","link":"https:\/\/enterpriseam.com\/egypt\/category\/last-nights-talk-shows\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/549666","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=549666"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/549666\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/549655"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=549666"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=549666"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=549666"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=549666"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=549666"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}