November 17, 2011

Lebanese authority freezes subsidies on egg exports

The Investment Development Authority of Lebanon has temporarily frozen subsidies on egg exports on Monday (Nov 14) to maintain balance between export and local markets, says head of the authority, Nabil Itani.

It added that recent sharp increases in egg prices were behind the decision. The suspension of subsidies was a temporary decision until prices in local markets return to normal, it explained.

The suspension is a part of a new strategy involving adjustable subsidies on all exports that IDAL supports.

"This is also in line of a previously announced new agricultural export development program dubbed 'Agri Plus' that will be launched early 2012," the statement added.