ECC to import 100,000 tons sugar

ISLAMABAD: The Economic Coordination Committee of the Cabinet here on Thursday approved to import 100,000 tons of sugar instead of the proposed quantity of 700,000 tons by the Utility Stores Corporation to maintain the stability in the market and ensure sugar availability.

The Economic Coordination Committee of the Cabinet (ECC) met here today with Federal Minister for Finance and Economic Affairs, Dr. Abdul; Hafeez Shaikh in the chair. The summary for importing sugar was moved by Ministry of Industries.

At the start of the meeting, the Committee reviewed the implementation status of the ECC decisions held on August,16 and August 23 this year and the key economic indicators prevalent in the country during last three months.

In the key economic indicators area the Secretary Finance Dr. Waqar Masood briefed the committee about the fertilizer situation and said that there is a balance of 122,000 M/ tons of fertilizer for the coming Rabi crop.

The Secretary briefed the committee that the stock of the wheat as on October 10 was 8.6 million tons showing sufficient quantity of local wheat to be released by provincial food departments and PASSCO to flour mills.

He also told ECC that worker's remittances were to be Rs.3.3 billion that is showing 25 percent growth.

The Committee was further informed that Tax collection for the period July-September stood at Rs.369 billion as compared to Rs.294 billion of the last year in the same period.

It was also informed that there is a positive growth of 26 percent in net tax collection.

The meeting was also informed about the fertilizer situation that 122,000 metric tons is under loading-voyage and expected to arrive by the end of this month and one vessel of DAP is under handling at KPT.

Copyright APP (Associated Press of Pakistan), 2011