Islamabad August 22 2024: The Economic Coordination Committee (ECC) of the cabinet here on Thursday gave conditional approval to the export of an additional 0.100 million metric tons of sugar, the summary for which was submitted by the Ministry of Industries and Production.
According to press release issued by finance ministry, the ECC put condition that in view of procedural delays encountered during export of sugar, the period allowed for export of sugar from the date of allocation of quota by respective Cane Commissioner should be extended from forty-five (45) days to sixty (60) days.
In addition, it said, export proceeds should be received in advance in 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.
It said, 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.
The condition of revoking of export quota in case of non-payment of dues of the growers from proceeds of export of sugar should be applicable only to the non-compliant mills rather than PMSA as a whole, it added.
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.
Meanwhile, the ECC also considered and approved the following Technical Supplementary Grants including PKR 276.250 million in favor of the Ministry of Interior to HQ Frontier Corps KP (N) TSG for Project Implementation Letters (PILs).
It also approved PKR 1951.995 million on account of payment of security charges – Reko Diq Project to Frontier Corps Balochistan (South) and PKR 20 billion as a special allocation for Operation Azm-e-Istehkam during CFY 2024-25.
Among others, the meeting was attended by Minister for Industries & Production, Rana Tanveer Hussain; Minister for Commerce, Jam Kamal Khan; Minister for Privatization, Abdul Aleem Khan; Minister for Planning, Development and Special Initiatives, Ahsan Iqbal Chauhdry; Minister for Economic Affairs, Ahad Khan Cheema; Minister for Petroleum, Mussadiq Masood Malik; Minister for Power, Sardar Awais Khan Leghari; Dy Chairman Planning Commission, Federal Secretaries, and other senior officials of the relevant ministries.
