ECC greenlights export of additional 100,000 metric tons of sugar

August 23, 2024 (MLN): The Economic Coordination Committee (ECC) in its meeting held yesterday approved the summary from the Ministry of Industries & Production regarding the export of an additional 100,000 metric tons of surplus sugar, subject to certain conditions.

Accordingly, in view of procedural delays encountered during the export of sugar, the period allowed for export of sugar from the date of allocation of quota by respective Cane Commissioner shall be extended from forty-five (45) days to sixty (60) days.

Export proceeds shall be received in advance in the case of Afghanistan only through banking channel however, export proceeds in case of LC may be allowed within a period of 60 days of opening of LC for export of sugar to other destinations

Moreover, the benchmark for Retail Price of sugar may be delinked from the permission to export sugar as retail price is not directly under the control of sugar mills and condition of revoking of export quota in case of non-payment of dues of the growers from proceeds of export of sugar shall be applicable only to the non-compliant mills rather than PMSA as a whole.

Condition of revoking of export quota in case of non-payment of dues of the growers from proceeds of export of sugar shall be applicable only to the non-compliant mills rather than PMSA as a whole.

Moreover, the ECC decided to monitor the market situation on a monthly basis and review its decision as per emerging needs, and instructed the Sugar Advisory Board to develop a comprehensive sugar policy within two months to address the sector's challenges and ensure sustainable growth.

The ECC also considered and approved the following Technical Supplementary Grants:

1. Rs276.250 million in favor of the Ministry of Interior to HQ Frontier Corps KP(N) TSG for Project Implementation Letters (PILs).

2. Rs1.952bn on account of payment of security charges – Reko Diq Project to Frontier Corps Balochistan (South).

3. Rs20bn as a special allocation for Operation Azm-e-Istehkam during CFY 2024-25.

Copyright Mettis Link News