Millers get govt's nod for sugar export: sources
- By Web Desk -
- Nov 30, 2022
LAHORE: The deadlock between the government and the sugar mill owners on the crushing has ended as the government has decided to allow the export of sugar, a move that may ensure the running of mills, but may also cause price escalation, ARY News reported, citing sources.
Sources within the production ministry said that talks between the coalition government and the sugar exporters remained successful after which finance and food security ministries have given clearance to the millers for sugar exports.
Furthermore, Finance Minister Ishaq Dar has sought a summary for sugar export on Monday, which will be presented before the Economic Coordination Council (ECC) for approval, the sources said.
Read more: Sugar prices could go up as Punjab raises sugarcane rate
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 one million tons of sugar.
The decision marks a departure from the stance taken a week earlier when the government turned down the demand of sugar millers for the export of 1 million tons on the ground that surplus stocks were not independently “verifiable”.