ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet approved export of 500,000 metric tonnes of surplus sugar keeping in view of availability of sufficient surplus stocks.
The surplus stock were available even after catering for the proposed and ongoing exports, the requirement for remaining two months of the ongoing crushing year, as well as maintenance of strategic reserves.
The summary for the sugar exports was moved by the Ministry of Industries and Production to ECC, the meeting of which was chaired here by Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, according to press release issued by finance ministry.
Among others, the meeting was attended, Minister for Industries and Production, Rana Tanveer Hussain; Minister for Power, Sardar Awais Ahmed Khan Leghari; Minister for Economic Affairs, Ahad Khan Cheema; Minister of State for Finance and Revenue, Ali Pervaiz Malik, Governor State Bank of Pakistan (SBP), Chairman Securities and Exchange Commission of Pakistan (SECP) along with federal Secretaries and senior officers from the concerned ministries and divisions.
The meeting was told that as per data provided by Provinces and FBR, existing stock of sugar stood at 2.054 Million MT as on 30.09.2024, while total consumption during the last ten months of current crushing year 2023-24 staying at 5.456 Million MT.
It was further submitted that in the next 2 months, expected off-take was likely to stand at around 0.900 Million MT (based on FBR reported off-take for September i.e 0.450 Million MT).
Therefore, after taking into account 0.140 Million MT quantity yet to be exported as per earlier ECC decisions, remaining expected stocks would be 1.014 Million MT as on 30th November 2024. Similarly, after earmarking one month’s off-take i.e 0.450 Million MT as strategic reserve, a surplus of 0.564 Million MT would still remain available.
The ECC approved the proposal for sugar exports with the same terms and conditions as allowed by ECC in its decision on 20th September 2024 with the certain modifications/insertions
Accordingly, this permission shall be subject to the provision of an undertaking by PSMA that their mills will commence production by 21st November, 2024 for the next crop year and export quota of any non-compliant mill will be revoked.
Exporters shall ensure that the consignments are shipped within ninety (90) days of allocation of quota by the respective Cane Commissioners; and this permission may be revoked by Sugar Advisor Board |(SAB) at any time in the interest of stability of the domestic market and maintenance of retail price.
The ECC further directed that the Cabinet Committee on Monitoring Sugar Exports, already constituted vide Cabinet Division’s Notification dated 25th & 26th June, 2024 and 13th September, 2024, would continue to regularly monitor and update the Cabinet on demand, supply and price situation of sugar in the country, including in the case of export of 0.500 MMT of sugar as well.
The ECC also discussed and approved a summary submitted by the Ministry of Energy (Power Division) seeking a compensation package for the deceased Chinese employees of Port Qasim Electric Power Company (Private) Limited.
