ECC allows export of another 100,000 MT of sugar

The Economic Coordination Committee (ECC) on Thursday allowed the export of further 100,000 metric tons (MT) of sugar on some conditions, the Finance Division said.

The ECC approved the summary of the Ministry of Industries & Production regarding export of sugar in a meeting chaired by Federal Minister for Finance and Revenue Muhammad Aurangzeb.

The development comes after the approvals of export of 40,000 MT sugar earlier this month and 150,000 MT in June this year.

During the meeting held today, the ECC allowed further export of 100,000 MT of sugar on multiple conditions.

“In view of procedural delays encountered during export of sugar, the period allowed for export of sugar from the date of allocation of quota by respective Cane Commissioner shall be extended from forty-five (45) days to sixty (60) days,” the ECC statement read as one of the conditions.

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The ECC also maintained that export proceeds shall be received in advance in case of Afghanistan only through banking channel, however, export proceeds in case of Letter of Credit (LC) might be allowed within a period of 60 days of opening of LC for export of sugar to other destinations.

It said the benchmark for retail price of sugar might be delinked from the permission to export sugar as retail price was not directly under the control of sugar mills.

“Condition of revoking of export quota in case of non-payment of dues of the growers from proceeds of export of sugar shall be applicable only to the non-compliant mills rather than PMSA as a whole,” the statement 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 (SAB) to develop a comprehensive sugar policy within two months to address the sector’s challenges and ensure sustainable growth.

Rs20bn as special allocation for Operation Azm-e-Istehkam

According to the statement, the ECC also considered and approved some technical supplementary grants including Rs276.250 million in favour of the Ministry of Interior to HQ Frontier Corps KP(N) TSG for Project Implementation Letters (PILs) and Rs1.951 billion on account of payment of security charges – Reko Diq Project to Frontier Corps Balochistan (South).

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The ECC also approved Rs20 billion as a special allocation for Operation Azm-e-Istehkam during CFY 2024-25.

In June, 2024, the Apex Committee of National Action Plan (NAP), chaired by Prime Minister Shehbaz Sharif, approved the launch of Operation Azm-e-Istehkam to eliminate terrorism and extremism across the country.

The ECC meeting today was attended by the Minister for Industries & Production Rana Tanveer Hussain, Minister for Commerce Jam Kamal Khan, Minister for Privatisation Abdul Aleem Khan, Minister for Planning, Development & Special Initiatives Ahsan Iqbal Chauhdry, Minister for Economic Affairs Ahad Khan Cheema, Minister for Petroleum Mussadiq Masood Malik, Minister for Power Sardar Awais Khan Leghari, Dy Chairman Planning Commission, Federal Secretaries, and other senior officials of the relevant ministries.