August 29, 2023 (MLN): The Economic Coordination Committee (ECC) of the Cabinet on Monday decided to prohibit the export of sugar on the back of mounting fears of a shortage and rising costs, following a thorough review of Pakistan's sugar production, stock levels, consumption patterns, and the inflationary impact on food prices.
Ministry of National Food Security & Research submitted a summary regarding the cancellation of the export quota of sugar with a ban on the export of sugar.
The ECC reviewed its previous decision regarding the export quota of sugar and after detailed discussion and deliberation decided that in light of the previous decision of the ECC on the matter, the ban on the export of sugar was already in place post 10th of August, 2023.
The ECC further directed the Ministry of National Food Security and Research to prepare and submit regular reports on the availability of sugar stocks, consumption, and pricing to the ECC in order to enable it to monitor the availability and pricing of this important commodity.
The ECC also directed the Ministry of NFSR to coordinate with all the relevant agencies and authorities to check the smuggling and hoarding of sugar.
Furthermore, the ECC also asked the Ministry of NFSR to provide the latest stock, availability and prices of Wheat immediately.
Caretaker Federal Minister for Finance, Revenue, Economic Affairs and Privatization Dr. Shamshad Akhtar chaired the said meeting.
