Islamabad (National Times) The Economic Coordination Committee (ECC) of the cabinet on Thursday gave conditional approval to the export of an additional 0.1 million metric tonnes of sugar, the summary for which was submitted by the Ministry of Industries and Production.
The ECC put condition that in view of procedural delays encountered during export of sugar, the period allowed for the export of sugar from the date of allocation of quota by the respective cane commissioner should be extended from 45 to 60 days, according to a press release issued by the Ministry for Finance.
In addition, it said, export proceeds should be received in advance in the case of Afghanistan only through a 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 further stated that the benchmark for retail price of sugar may be delinked from the permission to export sugar as the 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 Pakistan Sugar Mills Association (PSMA) 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 more than Rs276 million in favour of the Ministry of Interior to HQ Frontier Corps Khyber Pakhtunkhwa (KP) (N) TSG for Project Implementation Letters (PILs).
It also approved over Rs1.951 billion on account of payment of security charges — Reko Diq Project to FC Balochistan (South) and Rs20 billion as a special allocation for Operation Azm-e-Istehkam during CFY 2024-25.
Among others, the meeting was attended by 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, Minister for Economic Affairs Ahad Khan Cheema, Minister for Petroleum Musadik Masood Malik, Minister for Power Sardar Awais Khan Leghari, Planning Commission deputy chairman, federal secretaries, and other senior officials of the relevant ministries.
