The cabinet’s Economic Coordination Committee (ECC) on Thursday conditionally approved the export of an extra 0.100 million metric tons of sugar, as proposed by the Ministry of Industries and Production.
The committee has imposed a requirement to extend the duration for sugar exports from 45 days to 60 days due to procedural delays faced during the export process.
Furthermore, it was mentioned that for Afghanistan, export earnings must be received upfront through the banking system, while for other destinations, export earnings from letters of credit can be received within 60 days of the LC's opening for sugar exports.
It was mentioned that the retail price benchmark for sugar exports might be separated from the authorization to export, as sugar mills do not have direct control over retail prices.
The removal of export quota should only apply to mills that don't pay growers from sugar export profits, not the entire PMSA, according to the statement.
Furthermore, the ECC opted to observe the market regularly and reassess its choice according to changing requirements, and directed the Sugar Advisory Board to create a thorough sugar policy within two months to tackle the industry's difficulties and guarantee lasting progress.
At the same time, the ECC also reviewed and authorized the Technical Supplementary Grants, which included Rs 276.250 million allocated to the Ministry of Interior for Project Implementation Letters (PILs) for HQ Frontier Corps KP (N) TSG.
It also gave the green light to Rs Payment of security charges for the Reko Diq Project to Frontier Corps Balochistan (South) amounted to Rs 1951.995 million in 1951. 20 billion have been designated specifically for Operation Azm-e-Istehkam during the CFY 2024-25.
The meeting saw the presence of 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, Dy Chairman Planning Commission, Federal Secretaries, and other senior officials of relevant ministries.
