EGYPT – In a bid to alleviate the ongoing sugar crisis, the Egyptian Ministry of Supply and Internal Trade, through the General Authority for Supply Commodities (GASC), has inked a contract to import 250,000 tons of raw sugar.
This move comes in the wake of the cabinet’s approval last month to import one million tons of sugar, aiming to address the severe shortage that has plagued the nation in recent months.
According to a statement from the ministry, the sugar shipments, part of the newly signed contract, are scheduled to commence arriving next month.
The agreement not only underscores the government’s commitment to bolstering the country’s strategic sugar reserves but also aligns with its efforts to stabilize sugar prices and ensure its availability in the market.
GASC had previously issued an international tender to procure 50,000 tons of raw sugar cane, open to any origin, as part of the approved import plan.
According to GASC, the payment terms for the tenders were set to be at sight, with interested parties required to submit offers on a CIF basis, either in Egyptian pounds or US dollars.
The initial shipment is slated to arrive between April 15-30 and/or May 1-15.
Egypt has been grappling with soaring sugar prices, surpassing EGP 50 per kg in recent months. Despite the challenges, Minister of Supply and Internal Trade, Ali Moselhi, urged citizens to remain patient, assuring them of the government’s efforts to stabilize prices.
Moselhi emphasized that the government is working to ensure that sugar prices remain within affordable limits, with projections indicating prices not exceeding EGP 24-27 in the near future.
The surge in sugar prices has triggered concerns among vendors and food and beverage companies, leading to increased stockpiling of inventory.
In response, the government has implemented various measures to address the crisis, including ramping up the distribution of subsidized sugar, launching initiatives to reduce prices, imposing temporary export bans, and intensifying control measures.
To further mitigate the crisis, the prime minister issued a decision classifying seven commodities, including sugar, as strategic products under Consumer Protection Law No. 181 of 2018.
This decision prohibits withholding these goods from circulation and mandates immediate notification to the Ministry of Supply and Internal Trade regarding stocks of these commodities.
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