The Egyptian Businessmen Association submitted a memorandum to Prime Minister Mostafa Madbouly, requesting an urgent intervention to support the productive sectors that are on the verge of a complete halt to work and production.
The association noted that there are already many of them that have been completely discontinued as a result of lack of Availability of the necessary production supplies.
The association stated that if the current situation continues, it will lead to high inflation rates due to the imbalance between supply and demand.
The association pointed out the inability of the owners of companies and factories to continue paying the dues due to them to all the various parties.
And demanded the return of the system of documents collection by banks for all import operations related to production requirements in full, industrial and agricultural.
In an interview with Al-Arabiya, Kamal El-Desouky, a member of the Federation of Industries and a member of the Egyptian Businessmen Association, said that so far the factories have not stopped, but we are moving in the direction of closing these factories due to the repercussions associated with the decisions of the Central Bank to regulate imports.
Al-Desouki added that there is a very big problem in switching from the payment system with shipping documents to the payment system by documentary credits.
He stated that this decision has very large negative repercussions on the industrial sector in Egypt.
El-Desouki stated that this decision will disrupt the state’s plan to increase the volume of exports to $100 billion annually, as a result of the lack of production requirements and spare parts required to maintain factories.