By An Executive Editor
Indonesia has assured the Ugandan government of lifting a ban of the export of crude palm oil next month.
Dr. Sri Mulyani Indrawati, the Finance Minister Indonesia confirmed the development to Finance Permanent Secretary Ramathan Ggoobi on the sidelines of Islamic Development Bank annual meeting currently ongoing in Egypt.
“I’ve got assurance from Dr. Sri Mulyani Indrawati, Finance Minister of Indonesia that they’re going to lift the ban on export of crude palm oil next month (July). Prices of soap and cooking oil are likely to reduce,” Ggoobi tweeted earlier.
Indonesia accounts for 59% of global palm oil exports.
According to Ggoobi, Indonesia had banned export of crude palm oil to cater for rising domestic prices.
“They have since addressed the problem and are now ready to resume export,” Ggoobi said.