ECC slaps ban on sugar export to stabilize domestic prices
- By Web Desk -
- Feb 10, 2020
ISLAMABAD: In order to maintain the prices of sugar in the domestic market, the Economic Coordination Committee (ECC) on Monday imposed immediate ban on export of the essential commodity, ARY News reported.
The meeting was held in Islamabad today with Adviser to the Prime Minister on Finance Sheikh Abdul Hafeez in the chair.
The meeting observed that adequate stocks of sugar are available in the country but prices in both domestic and international market are showing an upward trend.
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According to a statement issued by the ministry, ECC further directed that in case there is considerable decrease in available stock, ECC would be willing to reconsider the proposal for import of sugar as well as the removal of tariff and taxes on subject import.
It was briefed to the ECC that there are 1.719 million tons of sugar stocks available with the mills. ECC also directed the ministry to talk to the provincial governments to control price of the commodity in the country as it is provincial subject.
The meeting also approved the request by the Ministry of Law and Justice for a technical supplementary grant of $1 million equivalent to Pakistani rupees as legal and miscellaneous expenses in the case of Reko-Diq.
ECC also directed the ministry to give a detailed briefing on the details of the case in the next meeting.