Islamabad January 3 2023: Economic Coordination Committee allowed exports of 250,000 tons sugar with a condition to bring dollars in 60 days.
Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar presided over the meeting of the Economic Coordination Committee (ECC) of the Cabinet, today.
Ministry of National Food Security and Research submitted a summary on export of sugar during the year 2022-23 and presented the recommendations of 4th meeting of Sugar Advisory Board (SAB). The ECC after detailed discussions on the recommendation of SAB, allowed 250,000 tons of sugar for export inclusive of previous permitted 100,000 tons by the ECC on fist come first basis.
Indian traders were selling white sugar at about USD 490 a tonne free-on-board (FOB) this month, a discount to London white sugar futures, which were trading above USD 568 a tonne dealers said.
At Indian FOB Pakistan can earn USD 125 million through export of 250,000 tons sugar.
The ECC further decided that the total quantity of export may be distributed among provinces based on their installed crushing capacity to be determined by PSMA. The ECC further decided that dollar proceeds of exports will be recovered with sixty days of LC opening.
Ministry of Industry and Production submitted a summary on diversion of RLNG to Urea fertilizer plants upto 31st Jan, 2023. The ECC after deliberation decided to reject the proposal of Ministry of NFS&R and Ministry of I & P and decided that the RLNG supply to these plants would be discontinued with effect from mid night of 3rd January, 2023. The ECC deferred a summary submitted by Ministry of Industries and Production tabled on price fixation of imported Urea with direction to work out and submit detailed mechanism of sharing of subsidy by provincial governments.
Federal Minister for Power Mr. Khurram Dastgir Khan, Federal Minister for Commerce Syed Naveed Qamar, Federal Minister for National food Security and Research Mr. Tariq Bashir Cheema, Mr. Shahid Khaqan Abbasi MNA/Ex-PM, Minister of State for Petroleum Mr. Musadik Masood Malik, SAPM on Finance Mr. Tariq Bajwa, SAPM on Government Effectiveness Dr. Muhammad Jehanzeb Khan, Coordinator to PM on Commerce & Industry Rana Ihsan Afzal, Federal Secretaries, senior officers attended the meeting.