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Tanzania Eyes Lower Food Import Bill, Bans Grain Exports - -- Market Talk

27 Jun 2017 8:17 am

0817 GMT Tanzania won't allow export of unprocessed grains as the East African nation seeks to lower its food import bill, amid steep local prices and inflationary pressure, says Prime Minister Kassim Majaliw. The move aims at encouraging construction of food-processing facilities in the country, which saw its food import bill rise 5% to $461 million in 2016-17 fiscal year. The ban potentially disrupts supplies of corn, beans and rice out of Tanzania in a region battling spiraling prices after an El Nino-fueled drought. Tanzania, usually a surplus food producer has seen its stocks dwindle amid surging regional demand. Africa Development Bank expects the continent's food import bill to triple in 10 years as the population increases and amid sluggish agricultural growth. Nicholas.Bariyo@wsj.com;@Nicholasbariyo)
 
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(END) Dow Jones Newswires

June 27, 2017 04:17 ET (08:17 GMT)

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