ECC allows further export of 0.5m MT of sugar

October 16, 2024 (MLN): The Economic Coordination Committee (ECC) of the Cabinet has approved the export of an additional 500,000 MT of sugar, according to a circular issued by the central bank.

The ECC's decision, which comes with certain terms and conditions, has also been ratified by the Federal Cabinet.

• ADs will obtain proof of allocation of quota by the respective Provincial Cane Commissioner and keep a copy of the same in their record.
• ADs will obtain an undertaking from the exporters that consignment would be shipped within 90 days of the allocation of quota by the respective Cane Commissioner.
• ADs will ensure 100% advance receipt of export proceeds through banking channels, in case of Afghanistan.
• For other destinations, the export of sugar may be made against Letter of Credit (sight).
• ADs will submit sugar export transactions and shipment updates to the Director, FEOD, SBP-BSC, Head Office, Karachi on weekly basis as per the enclosed reporting format (Annexure-A) at sugar.epd@sbp.org.pk by every Friday at 1700 HRS.

The central bank has advised ADs to bring the above instructions to the knowledge of all their constituents and ensure meticulous compliance thereagainst.

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