Sufficient stocks of sugar available in Pakistan, Finance Division told

The country has sufficient stocks of sugar available, the Finance Division was informed in a meeting on Monday.

Federal Minister for Finance Ishaq Dar chaired a meeting at the Finance Division to review the demand and supply situation of sugar in the country.

Federal Minister for National Food Security and Research (NFS&R) Tariq Bashir Cheema, Special Assistant to the PM (SAPM) on Finance Tariq Bajwa, SAPM on Revenue Tariq Mehmood Pasha, Secretary NFS&R, Special Secretary Finance and other senior officers from Finance and NFS&R attended the meeting.

The meeting reviewed the available stock position and future demand of sugar in the country and was apprised that sufficient stocks of sugar are available in the country. It was informed that sugar mills have started crushing sugar cane in Sindh and Punjab provinces.

It was also informed that production of sugar in the province of Sindh will be lower than last year due to floods.

The chair expressed satisfaction on the availability and production of sugar in the country and stressed on maintaining the strategic reserves of sugar and maintenance of prices of sugar for providing maximum relief to masses.

Earlier, it was reported that Pakistan is facing a sugar shortage of 260,000 tons for the ongoing year, official data revealed.

According to the data shared with the Ministry of National Food Security and Research and the Ministry of Industries and production, this year, Sindh province has estimated a reduction of 40% in sugarcane production, which will create further problems.

The document further said that Pakistan, despite no sugar export in the past two years, imported a total 0.677 million tons of the commodity to meet local requirements.

Subsequently, Pakistan Sugar Mills Association (Punjab Zone) rejected reports regarding the shortage of sugar in the country. It said that an ample surplus stocks of sugar are available in the country to the tune of 1.2 million metric tonnes.

The sugar industry is constantly appealing to the government that surplus sugar should be exported so that it could be released from the banks and new working capital be provided by the banks.

The government has also verified the current stocks of sugar through FBR’s Track and Trace System installed in every sugar mill. Moreover, other government departments have also confirmed ample stocks of sugar but the issue is still lingering on for the last one year when 2 million metric tonnes of excess sugar was produced in the country.