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Thursday, 26 May 2016

Agriculture minister backs House request for sugarcane price increase

Agriculture Minister Essam Fayed will submit a report from the House Agriculture Committee report to the cabinet economic group calling for a EGP 100 increase in the price the state pays to farmers for sugar. The rise to EGP 500 per ton, sources in tell Al Borsa, is meant to encourage farmers to keep growing the strategic crop. Meanwhile, the Finance Ministry fears the move could cost the government EGP 1.1 bn, the sources added. On a related note, Egypt now has a six-month reserve of the sweet stuff, cabinet said on Wednesday, Al Masry Al Youm reported. The statement comes after the cabinet imposed a EGP 900 export fee on every ton of sugar last week and exempted sugar imports from custom duties a few days ago in a bid to keep prices stable ahead of Ramadan.

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