Egypt raises tariffs up to 60 percent for imported goods

Egypt's president has imposed an increase of tariffs on hundreds of imported products, the second time in less than three years.

The official Gazette published President Abdel-Fattah el-Sissi's decree on Wednesday with a long list of over 5,791 items, 23 percent of which include machinery and equipment imported by tourist establishments, fruit juices and baby formula, and have a tariff range from 20 to 60 percent.

The measures came as Egypt, which relies heavily on imports, embarked on a reform program shortly after el-Sissi took office in 2014. The government has slashed subsidies, imposed a value-added tax and allowed a currency devaluation in order to qualify for a $12 billion bailout loan from the IMF.