ISLAMABAD: The Economic Coordination Committee of Cabinet (ECC) has approved the export of 500,000 metric tonnes of surplus sugar.
A meeting of the ECC was held under the supervision of Finance Minister Muhammad Aurangzeb in which the export of surplus sugar was approved. The statement said that the export was allowed due to surplus sugar reserves in the country.
The export is subject to an undertaking by Pakistan Sugar Mills Association that their mills will commence production by 21st of next month for the next crop year and export quota of any non-compliant mill will be revoked.
According to provincial statistics, existing stock of sugar stood at 2.054 million MT of sugar reserves were available in the country till September 30 while 5.454 million MT of sugar were consumed in the country in the last 10 months and 0.900 million MT of sugar are estimated to be consumed in October and November.
The committee made the export of sugar subject to the commencement of the crushing season on November 21 by the sugar mills. The sugar will be exported in 3 months and this facility can be withdrawn at any time if the price of sugar increases.
The ECC further directed that the Cabinet Committee on Monitoring Sugar Exports, already constituted vide Cabinet Division’s Notification dated 25th & 26th June, 2024 and 13th September, 2024, would continue to regularly monitor and update the Cabinet on demand, supply and price situation of sugar in the country, including in the case of export of 0.500 MMT of sugar as well.
The ECC also discussed and approved a summary submitted by the Ministry of Energy (Power Division) seeking a compensation package for the deceased Chinese employees of Port Qasim Electric Power Company (Private) Limited.
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The ECC also approved the compensation package for the deceased Chinese engineers.
