The General Authority for Supply Commodities in Egypt plans to penalize subsidized bakeries that delay payment of bread production costs. Penalties include a 25% interest charge on debts and a reduction in bread quotas. This initiative aims to maintain a fair subsidized bread system for the numerous Egyptians who rely on it.
The General Authority for Supply Commodities (GASC) in Egypt will impose penalties on subsidized bakeries that do not timely settle bread production cost differences. A statement from GASC indicates that those failing to comply will incur a 25% interest charge on their outstanding debts.
This initiative aligns with a ministerial decision issued in August 2024. In addition to the interest, non-compliant bakeries will also face a 25% reduction in their subsidized bread quota. GASC stresses the significance of prompt payments to uphold the integrity of the subsidized bread system.
Furthermore, GASC has identified bakeries that have not fulfilled their payment obligations and has disseminated this information to supply directorates across the nation. These directorates are tasked with enforcing the penalties as per the ministerial decision.
GASC encourages all subsidized bakeries utilizing natural gas to expeditiously address any outstanding debts related to the variations in bread production costs. This enforcement aims to assure fairness and efficiency in the subsidized bread program.
Approximately two-thirds of Egyptian families, equating to about 70 million individuals, benefit from bread subsidies, underlining its status as a vital food staple in the country.
In summary, GASC is implementing penalties for bakeries that delay payment of bread production costs, reflecting a necessary step to maintain the subsidized bread system. The penalties include interest charges and reductions in bread quotas, aimed at ensuring compliance and protecting the interests of the vast majority of Egyptian families reliant on bread subsidies. Prompt action is encouraged to avoid these penalties and uphold the system’s integrity.
Original Source: www.dailynewsegypt.com
