ISLAMABAD: Pakistan has lifted a ban on sugar exports, the finance ministry said on Thursday, in a move that government sources indicated was aimed at boosting foreign reserves.

The decision was taken by the Economic Coordination Committee (ECC) headed by Finance Minister Ishaq Dar.

The ECC approved a summary of the food security ministry, the statement said, adding it will apply to sugar exports during the fiscal 2022-2023 year.

Exports of sugar up to 100,000 tonnes will be allowed, it said, adding that the ECC would review the situation on fortnightly basis.

SAB allows export of up to half a million tons of sugar

Sugar prices in the local market will not increase until at least Jan. 31, the finance ministry said.

Government sources said the move was a bid to boost the country’s foreign reserves, which have fallen to as low as $6.7 billion, barely enough to cover a month of imports.