ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet has decided to allow export of further 1 lakh tonnes (0.100 million metric tons) of sugar.
The meeting presided over by Finance Minister Muhammad Aurangzeb has approved the ECC summary of the Ministry of Industries an Production regarding the export of further 0.100 million MTs of sugar with the conditions;(i) 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 shall be extended from 45 days to 60 days;(ii)export proceeds shall 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; (iii) 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(iv)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 (SAB) to develop a comprehensive sugar policy within two months to address the sector’s challenges and ensure sustainable growth.
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The ECC also considered and approved technical supplementary grants of Rs276.250 million in favour of the Ministry of Interior to HQ Frontier Corps KP (N) TSG for Project Implementation Letters (PILs), Rs1,951.995 million on account of payment of security charges – RekoDiq Project to Frontier Corps Balochistan (South) and Rs20 billion as a special allocation for Operation Azm-e-Istehkam during current fiscal year 2024-25.
The meeting was attended by the Minister for Industries and Production Rana Tanveer Hussain, Minister for Commerce Jam Kamal Khan, Minister for Privatisation Abdul Aleem Khan, Minister for Planning, Development and Special Initiatives Ahsan Iqbal Chaudhry, Minister for Economic Affairs Ahad Khan Cheema, Minister for Petroleum Musadik Malik, Minister for Power Sardar Awais Khan Leghari, deputy chairman Planning Commission, federal secretaries, and other senior officials.
Copyright Business Recorder, 2024
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