On Thursday, the Economic Coordination Committee (ECC) of the cabinet conditionally approved the export of an additional 0.100 million metric tons of sugar, as proposed by the Ministry of Industries and Production.
The committee has extended the export duration from 45 to 60 days to address procedural delays encountered in the export process. For exports to Afghanistan, payments must be received upfront through the banking system. For other destinations, payments can be made within 60 days of opening a letter of credit (LC) for sugar exports.
The ECC noted that the retail price benchmark for sugar exports might be separated from export authorization, as sugar mills do not control retail prices directly. Additionally, the removal of the export quota should apply only to mills that do not pay growers from export profits, not to the entire Pakistan Sugar Mills Association (PMSA).
The committee will continue to monitor the market and reassess its decisions based on evolving needs. It directed the Sugar Advisory Board to develop a comprehensive sugar policy within two months to address industry challenges and ensure sustainable progress.
The ECC also reviewed and approved Technical Supplementary Grants, including Rs 276.250 million allocated to the Ministry of Interior for Project Implementation Letters (PILs) for HQ Frontier Corps KP (N). Additionally, it approved Rs 1951.995 million for security charges related to the Reko Diq Project for Frontier Corps Balochistan (South), with Rs 20 billion designated for Operation Azm-e-Istehkam for the current fiscal year 2024-25.
The meeting was attended by Minister Rana Tanveer Hussain, Minister Jam Kamal Khan, Minister Abdul Aleem Khan, Minister Ahsan Iqbal Chauhdry, Minister Ahad Khan Cheema, Minister Mussadiq Masood Malik, Minister Sardar Awais Khan Leghari, the Deputy Chairman of the Planning Commission, Federal Secretaries, and other senior officials from relevant ministries.
