AGL 40.00 No Change ▼ 0.00 (0%)
AIRLINK 129.06 Decreased By ▼ -0.47 (-0.36%)
BOP 6.75 Increased By ▲ 0.07 (1.05%)
CNERGY 4.49 Decreased By ▼ -0.14 (-3.02%)
DCL 8.55 Decreased By ▼ -0.39 (-4.36%)
DFML 40.82 Decreased By ▼ -0.87 (-2.09%)
DGKC 80.96 Decreased By ▼ -2.81 (-3.35%)
FCCL 32.77 No Change ▼ 0.00 (0%)
FFBL 74.43 Decreased By ▼ -1.04 (-1.38%)
FFL 11.74 Increased By ▲ 0.27 (2.35%)
HUBC 109.58 Decreased By ▼ -0.97 (-0.88%)
HUMNL 13.75 Decreased By ▼ -0.81 (-5.56%)
KEL 5.31 Decreased By ▼ -0.08 (-1.48%)
KOSM 7.72 Decreased By ▼ -0.68 (-8.1%)
MLCF 38.60 Decreased By ▼ -1.19 (-2.99%)
NBP 63.51 Increased By ▲ 3.22 (5.34%)
OGDC 194.69 Decreased By ▼ -4.97 (-2.49%)
PAEL 25.71 Decreased By ▼ -0.94 (-3.53%)
PIBTL 7.39 Decreased By ▼ -0.27 (-3.52%)
PPL 155.45 Decreased By ▼ -2.47 (-1.56%)
PRL 25.79 Decreased By ▼ -0.94 (-3.52%)
PTC 17.50 Decreased By ▼ -0.96 (-5.2%)
SEARL 78.65 Decreased By ▼ -3.79 (-4.6%)
TELE 7.86 Decreased By ▼ -0.45 (-5.42%)
TOMCL 33.73 Decreased By ▼ -0.78 (-2.26%)
TPLP 8.40 Decreased By ▼ -0.66 (-7.28%)
TREET 16.27 Decreased By ▼ -1.20 (-6.87%)
TRG 58.22 Decreased By ▼ -3.10 (-5.06%)
UNITY 27.49 Increased By ▲ 0.06 (0.22%)
WTL 1.39 Increased By ▲ 0.01 (0.72%)
BR100 10,445 Increased By 38.5 (0.37%)
BR30 31,189 Decreased By -523.9 (-1.65%)
KSE100 97,798 Increased By 469.8 (0.48%)
KSE30 30,481 Increased By 288.3 (0.95%)

ISLAMABAD: The Ministry of Commerce (MoC) has conveyed sugar export mechanism to the concerned ministries and provincial governments.

According to Office Memorandum (OM) of January 18, 2023, the MoC has noted that the Cabinet has ratified the decision of the Economic Coordination Committee (ECC) of the Cabinet taken on January 11, 2023 regarding export of sugar during the year 2022-23.

The ECC of the Cabinet has allowed export of 250,000 MT of sugar, inclusive of previously approved quantity of 100,000 MT, as per the following terms and conditions:

The maximum limit for realisation of export proceeds shall be within sixty days of opening of LC for export of sugar. Quota for export of sugar shall be distributed among provinces in the following manner: (i) 61 percent for Punjab on first come first serve basis; (ii) 32 percent Sindh through the Cane commissioner of the province; and (iii) 7 percent for KPK on first come first serve basis.

According to the Commerce Ministry, the State Bank of Pakistan shall update the ECC on export of sugar on fortnightly basis, whereas the Pakistan Sugar Mills Association (PSMA) shall undertake that the price of sugar will not increase in domestic market from Rs 85-90/kg (ex-mill) for 2021-22 stocks.

In case of increase in domestic sugar price, the SBP shall recommend to the ECC further discontinuation of exports on immediate basis.

No subsidy whatsoever shall be provided to the exporters by Federal/ Provincial governments.

The MoC has urged the PSMA and Cane commissioners to ensure approved MIPs and timely payment to sugarcane growers.

The Commerce Ministry has also requested all stakeholders to implement the decision of the ECC/Federal Cabinet in letter and spirit and to facilitate the export of sugar as per the directions of ECC/ Federal Cabinet.

Copyright Business Recorder, 2023

Comments

Comments are closed.