Egypt hikes customs rates on luxury goods

PanARMENIAN.Net - Egypt's Islamist President Mohammed Mursi has hiked customs rates on dozens of "unnecessary" imports as part of the government's efforts to increase revenues to revive the ailing economy, The Associated Press reports.

Mursi's decree issued late Sunday, March 24 raises tariffs on a wide range of luxury goods including shrimp, gambling tables, sunglasses, nuts, and fireworks.

Egypt's economy has been hit hard by the instability that followed the 2011 uprising that forced longtime autocratic ruler Hosni Mubarak from power, particularly the vital tourism sector.

The government is currently engaged in talks with the International Monetary Fund to secure a $4.8 billion loan, which would help attract other international lenders and reassure foreign investors.

Mursi also wants to cut subsidies and raise taxes to fix the budget deficit.