{"id":578348,"date":"2022-12-26T04:08:16","date_gmt":"2022-12-26T04:08:16","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/26\/this-morning-its-the-last-workweek-of-the-year-govt-is-getting-a-move-on-with-clearing-import-backlogs\/"},"modified":"2022-12-26T04:08:16","modified_gmt":"2022-12-26T04:08:16","slug":"this-morning-its-the-last-workweek-of-the-year-govt-is-getting-a-move-on-with-clearing-import-backlogs","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/26\/this-morning-its-the-last-workweek-of-the-year-govt-is-getting-a-move-on-with-clearing-import-backlogs\/","title":{"rendered":"THIS MORNING: It\u2019s the last workweek of the year + Gov\u2019t is getting a move on with clearing import backlogs"},"content":{"rendered":"<p><strong>Good morning, ladies and gents, and welcome to the last workweek of 2022.<\/strong> As is our custom around this time of year, we\u2019re taking stock of the past 12 months with our usual Year in Review series.<\/p>\n<p><strong>We begin this year\u2019s series with a look back at the big stories that ended up shaping<\/strong><strong> much of 2022:<\/strong> Russia\u2019s war in Ukraine, which set off a massive ripple effect on the global economy and had serious knock-on effects here at home. For Egypt specifically, we grappled with a difficult combination of upended global commodity markets, soaring inflation, and an FX crunch that ultimately led to not one, but two devaluations of the currency this year.<\/p>\n<hr class=\"grey-line\">\n<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <strong>Are import backlogs going to be cleared soon?<\/strong> Setting a plan to release all the goods currently stuck at our ports was the main focus of a meeting Prime Minister Moustafa Madbouly headed yesterday, along with cabinet members and representatives from the Central Bank of Egypt, according to a <a href=\"https:\/\/web.facebook.com\/EgyptianCabinet\/posts\/pfbid0udc1RU5Fus78wr1JWoJeTaG82V3DbVmA9orA5urXFFz5mHCcbbNKzGtSHQ4yjAGzl?_rdc=1&_rdr\">statement<\/a>. Authorities are prioritizing commodities first, considering Ramadan is fast approaching, followed by goods required for manufacturing, including input materials, the statement says. Some USD 300 mn worth of food commodities \u2014 vegetable oils, meats, and legumes \u2014 were released from our backlogged ports last week, putting the total value of goods released since the beginning of December at USD 5 bn, cabinet spokesperson Nader Saad said in a <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0TNERFDdtFFnPe6vRLaVNDuaVeb8HqWUjVVc1CKkt5HUHKsrMWTx4j54zqXT48qJ6l\">statement<\/a>. There are currently USD 9.5 bn worth of goods stuck in our ports that the government is working to release.<\/p>\n<p><strong>The CBE is cracking down on the abuse of credit and <\/strong><strong>debit cards to secure FX<\/strong>, instructing banks in a <a href=\"https:\/\/ent.news\/2022\/12\/Circular-dated-22-December-2022-regarding-regulating-the-usage-of-credit-cards-debit-cards-and-fx-for-the-purpose-of-travelling-abroad.pdf\">circular (pdf)<\/a> to notify it of any misuse of cards. The CBE noticed a spike in people using their debit and credit cards to secure FX from abroad despite having never left the country, amid foreign-currency purchase and withdrawal <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/366b4fe6-b4b7-47a4-a460-bb14bac5e4b4\">limits<\/a>.<\/p>\n<p><strong>But it\u2019s giving out some exceptions for FX withdrawal limits: <\/strong>The Central Bank of Egypt has reportedly requested banks to waive the newly-introduced limits on hard currency withdrawals for Egyptians abroad who need the money for medical or educational purposes, last night\u2019s talk show hosts reported, citing a banking source. The exemptions also apply to those who traveled before the withdrawal limit announcement on 22 December and those with FX-denominated bank accounts. Al Hayah Al Youm (<a href=\"https:\/\/www.youtube.com\/watch?v=HDnSfAoqgMg\">watch, runtime: 2:13<\/a>), Ala Mas\u2019ouleety (<a href=\"https:\/\/www.youtube.com\/watch?v=fousP-23yXU\">watch, runtime: 6:30<\/a>) and Masaa DMC (<a href=\"https:\/\/www.youtube.com\/watch?v=Ia08bhmSixY\">watch, runtime: 8:18<\/a>) all had coverage.<\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br \/>\n        <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>      <a href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/div>\n<\/p><\/div>\n<\/div>\n<p><strong>PSA #1- The Central Bank of Egypt is extending its tourism support initiative until <\/strong><strong>March 2023<\/strong>, it said in a <a href=\"https:\/\/ent.news\/2022\/12\/Circular-dated-25-December-2022-regarding-extending-tourism-initiative-and-initiative-to-support-retail-facilities-related-to-tourism-till-end-of-March-2023.pdf\">circular (pdf)<\/a> yesterday. Hotels and tour operators can request extensions on their loan repayments during those three months, the circular said.<\/p>\n<p><strong>REMEMBER- <\/strong>Prime Minister Moustafa Madbouly issued a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bc99d570-aa53-468e-b000-60de8fa427ff\">decree<\/a> last month that will see the CBE stop providing funding for subsidized loans and pass the responsibility to the housing, finance and tourism ministries. The central bank currently backs soft loans for key areas of the economy, including <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1c4009cb-4933-43f0-a374-f0f317ad5a4a\">construction<\/a>, industry, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8feab5ae-e114-4fe8-a488-858b799befa6\">agriculture<\/a> and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7556d5f4-f4be-40a0-b383-00d317400ee5\">tourism<\/a>, as well as <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4250ebc9-8475-4870-a563-a456f694e7f6\">mortgages<\/a> and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2b32a76e-edee-488e-bb81-5700f30f1229\">some cars<\/a>. It has allocated hundreds of bns of EGP to financing borrowers in these sectors with loans at an interest rate of 8%.<\/p>\n<p><strong>PSA #2- We\u2019re getting another year-long waiver on fees for EGP e-payments and online <\/strong><strong>transfers<\/strong>, according to a <a href=\"https:\/\/ent.news\/2022\/12\/CBEs-AR-PRL.pdf\">CBE<\/a><a href=\"https:\/\/ent.news\/2022\/12\/CBEs-AR-PRL.pdf\">circular (pdf)<\/a>. The exemption period will expire on 31 December 2023. The fee waivers were introduced during the first wave of the pandemic in March 2020 and have been <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/35e6ef99-0cd7-49b6-8c5f-a164d1bdd1ec\">periodically extended<\/a> since, most recently in <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/38a6c901-4fa9-4684-b12e-3023de64391f\">July<\/a>.<\/p>\n<p><strong>PSA #3- Tourists will soon have to pay for their train tickets in foreign currency<\/strong>, Transport Minister Kamel El Wazir told El Hekaya (<a href=\"https:\/\/www.youtube.com\/watch?v=uIKoCJ0X0so\">watch, runtime: 44:33<\/a>).<\/p>\n<hr class=\"grey-line\">\n<p><strong>CORRECTION #1-<\/strong> A story we picked up from the domestic press in Thursday\u2019s edition of EnterpriseAM incorrectly reported that one of the three consortiums qualified to bid on the Alexandria metro project is an alliance of Arab Contractors and France\u2019s Alstom. The consortium is led by our friends at Hassan Allam, and Arab Contractors is not part of the consortium, an executive at Hassan Allam confirmed to Enterprise. <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/572fcbdf-2029-4011-b63f-ce6c56062f3c\">The story<\/a> has been amended on our web edition.<\/p>\n<p><strong>CORRECTION #2-<\/strong> In last week\u2019s coverage of <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2b30f18a-8862-4ce9-ac4c-db488429e7ff\">Pachin\u2019s awaited response<\/a> to the takeover offer from Dubai\u2019s National Paints Holdings (NPH), we misreported Pachin\u2019s counsel in the proposed transaction. Pachin\u2019s counsel on the transaction was Shalakany Law Office. We have since updated the story on our website.<\/p>\n<p class='web-image'><img data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/CIRA-Blackboard-Banner-B-1600.jpg?ssl=1\" alt='enterprise'><\/p>\n<p><strong>*** It\u2019s Blackboard day:<\/strong> We have our weekly look at the business of education in Egypt, from pre-K through the highest reaches of higher ed.<\/p>\n<p><strong>In today\u2019s issue:<\/strong> 2022 brought in a wave of cost pressures for schools and parents, giving up to the rise of buy-now-pay-later loans and a boom in pre-K investing. We continue to recap some of the big trends and developments in the sector this year with our year in review.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Good morning, ladies and gents, and welcome to the last workweek of 2022. As is our custom around this time of year, we\u2019re taking stock of the past 12 months with our usual Year in Review series. We begin this year\u2019s series with a look back at the big stories that ended up shaping much [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":578349,"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":[7204],"tags":[271,72,132,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-578348","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-central-bank-of-egypt","tag-enterpriseam","tag-trade","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"c2982268-2261-4c4d-87c1-8482fe1b962f","order":"0","is_powered_by":true,"story_type":"4","photo_url":"https:\/\/ent.news\/2022\/12\/511.jpg","photo_position":"above","related_issue":[578346],"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>THIS MORNING: It\u2019s the last workweek of the year + Gov\u2019t is getting a move on with clearing import backlogs - 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\/12\/26\/this-morning-its-the-last-workweek-of-the-year-govt-is-getting-a-move-on-with-clearing-import-backlogs\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"THIS MORNING: It\u2019s the last workweek of the year + Gov\u2019t is getting a move on with clearing import backlogs\" \/>\n<meta property=\"og:description\" content=\"Good morning, ladies and gents, and welcome to the last workweek of 2022. 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Take a second\u2026","author":"enterpriseam admin","date":"31 May 2017","format":false,"excerpt":"It\u2019s Wednesday. Take a second to give yourself a pat on the back \u2014 we\u2019ve nearly made it through the first workweek of Ramadan. It\u2019s also the last day of May, so we\u2019re closing in on the halfway mark for 2017.Uruguay\u2019s President Tabar\u00e9 V\u00e1zquez meets with President Abdel Fattah El\u2026","rel":"","context":"In &quot;What We're Tracking Today&quot;","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":580410,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/26\/this-evening-el-sisi-signals-banks-will-secure-fx-for-l-cs-before-the-year-is-out-welcome-to-the-christmas-slowdown\/","url_meta":{"origin":578348,"position":1},"title":"THIS EVENING: El Sisi signals banks will secure FX for L\/Cs before the year is out + Welcome to the Christmas slowdown","author":"enterpriseam admin","date":"26 December 2022","format":false,"excerpt":"Happy Monday, ladies and gents. We\u2019re in that final stretch before we wave goodbye to the new year \u2014 and we\u2019re cautiously going to say the end-of-year news slowdown may finally be making an appearance.THE BIG STORY TODAY Banks to secure FX for letters of credit to help clear import\u2026","rel":"","context":"In &quot;WHAT WE\u2019RE TRACKING TONIGHT&quot;","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/783.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":554192,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/23\/this-morning-a-quiet-end-to-the-workweek-schools-out-again-in-alexandria-football-crypto-tokens-are-under-a-watchful-eye\/","url_meta":{"origin":578348,"position":2},"title":"THIS MORNING: A quiet end to the workweek; school\u2019s out (again) in Alexandria; football crypto tokens are under a watchful eye","author":"enterpriseam admin","date":"23 December 2021","format":false,"excerpt":"Good morning, ladies and gents, and welcome to the second-to-last Thursday of the year. We\u2019re within arm\u2019s reach of (western) Christmas and it\u2019ll be time to ring in the new year before you know it.PSA #1- Our customary end-of-year publication holiday season is upon us: EnterprisePM will continue to be\u2026","rel":"","context":"In &quot;What We're Tracking Today&quot;","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":560965,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/21\/what-were-tracking-on-21-march-2021\/","url_meta":{"origin":578348,"position":3},"title":"What we\u2019re tracking on 21 March 2021","author":"enterpriseam admin","date":"21 March 2021","format":false,"excerpt":"Good morning, friends, and welcome to a new workweek \u2014 and the second day of Spring. The first quarter is over next week \u2014 and we have just 23 days until Ramadan.THE BIG STORIES AT HOME- Egypt is one step closer to getting its own covid-19 vaccine out the door,\u2026","rel":"","context":"In &quot;What We're Tracking Today&quot;","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":542855,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/20\/this-morning-egypt-advance-to-afcon-knockouts-after-beating-sudan-bidens-epic-presser\/","url_meta":{"origin":578348,"position":4},"title":"THIS MORNING: Egypt advance to Afcon knockouts after beating Sudan; Biden\u2019s epic presser","author":"enterpriseam admin","date":"20 January 2022","format":false,"excerpt":"Well, friends, we\u2019ve nearly made it through another workweek together \u2014 may our collective reward be a relaxing weekend and a very productive, holiday-shortened week to come. 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