ISLAMABAD: The Economic Coordination Committee (ECC) of Cabinet on Friday okayed an additional export of 500,000 metric tonnes of surplus sugar.
The approval was accorded at a meeting of the Committee chaired by Minister for Finance Muhammad Aurangzeb in Islamabad, a press statement issued here read.
The export is subject to an undertaking by the Pakistan Sugar Mills Association that their mills will commence production by the 21st of next month for the next crop year and the export quota of any non-compliant mill will be revoked.
The exporters will also ensure that the consignments are shipped within ninety days of allocation of quota.
The ECC directed the Cabinet Committee on Monitoring Sugar Exports to continue monitoring the demand, supply, and price situation of sugar in the country and update the Cabinet in this regard.
The ECC also approved a compensation package for the deceased Chinese employees of Port Qasim Electric Power Company (Private) Limitevan.
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Sources close to the development revealed that the export will be halted immediately if domestic sugar prices exceed the set benchmark, ensuring stability in the local market.
The export quota will be distributed among provinces based on their sugar production, with over 64 percent allocated to Punjab, 6 percent to Sindh, and 30 percent to Khyber Pakhtunkhwa (KP).
The distribution process will be managed by provincial commissioners, and quotas will be allocated within seven days of notification.
The retail price of sugar for export is fixed at Rs 145.15 per kilogram, and mill owners must keep domestic prices below Rs 140 per kilogram with no subsidies will be provided for the export, and the State Bank of Pakistan (SBP) will report on export status every 15 days.
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