ECC continues ban on sugar exports
Business
The committee seeks regular reports on availability of sugar stock
ISLAMABAD (APP) – The Economic Coordination Committee (ECC) of the cabinet on Monday reviewed its prevision decision regarding sugar export quota and continued ban on commodity’s export, which was in place since August 10, 2023.
“The ECC reviewed its previous decision regarding export quota of sugar and after detailed discussion and deliberation decided that in light of the previous decision of the ECC on the matter, the ban on export of sugar was already in place post 10th of August, 2023,” said a statement issued by finance ministry.
Caretaker Federal Minister for Finance, Revenue, Economic Affairs and Privatization Dr Shamshad Akhtar chaired the meeting. Among others, it was attended by Minister for Planning, Development & Special Initiatives, Sami Saeed; Minister for IT and Telecom Umar Saif; Advisor to the PM on Finance, Dr Waqar Masood; federal secretaries and other senior officers.
The statement said, Ministry of National Food Security & Research (NFS&R) had submitted a summary regarding cancellation of export quota of sugar with a ban on export of sugar while briefing the meeting about the production, stock position of sugar, consumption and rising prices of sugar in the market, and its impact on overall food inflation.
The ECC further directed Ministry of NFS&R to prepare and submit regular reports on availability of sugar stocks, consumption, and pricing to the ECC in order to enable it to monitor the availability and pricing of this important commodity.
The ECC also directed the Ministry to coordinate with all the relevant agencies and authorities to check smuggling and hoarding of sugar. Furthermore, the ECC also asked the Ministry to provide the latest stock, availability and prices of wheat immediately, the statement added.
