ISLAMABAD: The Economic Coordination Committee (ECC) has decided that in case of an increase in sugar price in the domestic market, the export of allowed 150,000 MT sugar would be discontinued.
The ECC meeting presided over by Finance Minister Ishaq Dar on January 3, 2023, was submitted a summary by the Ministry of National Food, Security and Research that on the 4th meeting of the Sugar Advisory Board (SAB) was held in the Ministry of National Food Security and Research (NFS&R) under the chairmanship of Chaudhary Tariq Bashir Cheema.
The meeting was told that the SAB reviewed the data provided by the provinces and the Federal Board of Revenue (FBR) regarding sugar stocks for 2021-22, sugarcane production estimates 2022-23, sugar production estimates 2022-23, and estimated projected annual sugar consumption.
During the meeting crushing status in each province and recommendations of Punjab and Sindh for the export of sugar were discussed.
SAB allows export of up to half a million tons of sugar
The SAB deliberated on the data provided by provinces and FBR and observed that there are variations/ inconsistencies in the data shared by the provinces and the FBR. Provinces are repeatedly changing their figures of sugar consumption and production. Resultantly, projections of sugar production in the provinces do not appear to be factually correct.
Provinces should re-work the data, as already requested through the NFSR’s letter of even number dated 27-12-2022 and submit it before the next meeting of the SAB.
The chairman of the SAB was of the opinion that 150,000 tons should be allowed for export on first come, first served basis. Similarly, as previously allowed quantity was still not exported; therefore, it should also be exported on first come basis.
Minister Commerce and the PSMA were of opinion that 200,000 tons should be allowed for export and distribution of export quota should be left to the PSMA.
Copyright Business Recorder, 2023
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