Govt allows PSMA to export Sugar

LAHORE: The federal government allowed mills to export half-a-million of sugar instead of the one million tonnes demanded by the Pakistan Sugar Mill Association (PSMA), industry officials said.

According to details, The government has allowed the export to bring in $250 million. The government claims that it is well equipped to keep local consumers insulated from the impact of inflation.

According to sources, The Sugar Advisory Board decided to export sugar, in first phase only 1 lac ton sugar will be exported. Meanwhile, ministry of production says more sugar will be exported by reviewing the price every 15 days, a total of 5 lakh tons of sugar will be exported.

The ministry will be presents a summary to Economic Coordination Committee (ECC) in the meeting tomorrow.

The Sugar mills owners appreciated the government’s decision, saying by this valuable foreign exchange the farmers will also get benefitted.

Following the assurance of the government, the sugar millers have started crushing sugarcane for the production of sugar, the well-placed sources in the sugar mills association said.

The millers said with dollars will be injected into Pakistan’s economy with the export of sugar.