ECC okays export of 250,000 tons of sugar

MG News | January 04, 2023 at 01:50 PM GMT+05:00

0:00

January 04, 2023 (MLN): The Economic Coordination Committee (ECC) of the Cabinet on Tuesday has approved the exports of 250,000 tons of sugar inclusive of previous permitted 100,000 tons by the ECC on first come first basis.

A summary submitted by the Ministry of National Food Security and Research on export of sugar during the year 2022-23 and presented the recommendations of 4th meeting of Sugar Advisory Board (SAB).

The committee approved sugar export on condition that the Pakistan Sugar Mills Association (PSMA) would guarantee that sweetener prices on the domestic market would not exceed Rs85-90 per kilogram.

Previously, the Pakistan Competition Commission accused the association of manipulating sugar prices.

It was decided that the total quantity of export may be distributed among provinces based on their installed crushing capacity to be determined by Pakistan Sugar Mills Association (PSMA).

The ECC further decided that dollar proceeds of exports will be recovered with 60 days of Letter of Credit (LC) opening.

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