Egyptian firms to resume sugar imports

Cairo: Egypt’s private sector is about to import its first cargo of sugar in about nine months after the country scrapped import duties on the sweetener.

A 30,000-metric-ton shipment is expected to arrive Saturday, Alaa Ezz, the secretary general of the Federation of Egyptian Chambers of Commerce, said by phone Thursday. Prime Minister Sherif Ismail earlier today issued a decree exempting white sugar imports from Nov. 10 to May 30 from customs duties.

The country has struggled with a shortage of sugar in recent months as a currency crunch and rising global prices curbed imports. Removing import duties will encourage Egyptian companies to bring in more supplies and help cover domestic needs, Ezz said.

Egypt earlier this month floated its currency, leading to a $12 billion loan from the International Monetary Fund needed to revive the economy. Consumers have been hit with rising inflation and a lack of some key commodities on store shelves.