ISLAMABAD: Federal Minister for Finance, Dr. Abdul Hafeez Shaikh said on Wednesday that proposal for importing expensive sugar at Rs. 65 per kg has been rejected by Economic Coordination Committee (ECC) of the cabinet and decided to purchase the local commodity in order to save foreign exchange and provide sugar to the people at low price.
"I assure that the government is not purchasing any expensive sugar. The ECC has decided in principal that the government will purchase the commodity on minimum possible rates", the minister said while talking to a private TV channel.
He said that by providing sugar at low price, the government would be able to contain inflation rate in the country besides providing relief to the masses.
He said that the government would purchase sugar at Rs 55 per kg from local sources and sell it at reasonable price to the people.
Dr. Hafeez said that the government would purchase sugar from local resources and sell it through Utility Stores Corporation (USC) on subsidized rates.
"It is the policy of the government to keep sufficient amount of sugar in its reserves and utilize them throughout the year in order to avoid any shortage of the commodity", he remarked.
The minister said that last year there was a proposal of importing 0.7 million tons of sugar and the ECC allowed to import 0.1 million ton. However, he said the government felt later that the local sugar was more cheaper than the imported sugar and decided to purchase the remaining sugar from local markets.
He said last year, the government sold sugar through Utility Stores Corporation at subsidized rates and provided relief to the people specially the common man.
He vowed that the government would follow the same policy of providing relief to the people in provision of sugar in the country.
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