Sindh govt decides against fixing sugarcane support price

KARACHI: The Sindh government has decided against fixing sugarcane support price for FY2024-25, ARY News reported on Friday.

Sindh government had been fixing the sugarcane support price but due to a recent pact with the IMF, the province has decided against fixing the rate this year.

As per details, the decision was taken in a meeting of the Sindh government to discuss the matter of sugarcane support price.

The cabinet decided to not fix the rate of sugarcane at the government level this year.

Meanwhile, the agriculture department has decided to take the matter to the Sindh cabinet again if any of province fixes the sugarcane support price.

It is to be noted that the federal government, earlier this year, reached an agreement with the International Monetary Fund (IMF) to end the minimum support price (MSP) system.

Ministry of National Food Security and Research directed the provinces to submit their wheat food security suggestions based on their population.

The ministry is also pondering closing down the state-owned company Pakistan Agricultural Storage & Services Corporation Ltd (PASSCO) due to the irregularities in wheat distribution and finance.

The decision may have a significant impact on the wheat rates and market, as PASSCO has a storage capacity of 1.2 million metric tonne and plays a crucial role in supplying wheat to the provinces based on their requirements.