Sugar import tantamount to destroying farmers, industry: PSMA

Lahore: Pakistan Sugar Mills Association (PSMA) on Friday said that importing sugar is tantamount to destroying farmers and sugar industry of the country.

In its reaction after the government decision not to import sugar further, the PSMA said that the government has given an order of importing 3000000 ton of sugar already which was not needed at all.

The government has out right neglected outright appeals of the industry avoiding of the sugar import, the PSMA added.

The PSMA apprised that an ample stock of sugar available in the country till November 18 adding that ending of the stock is must to steer out the industry from the financial crisis.

How cutting of the sugarcane would be possible until not dewatering of the flood water? the PSMA questioned.

Highlighting the government harming move, the PSMA said that the imported sugar is being brought with the tax and duty free subsidy.

The PSMA claimed that the government several times blocks the Federal Board of Revenue (FBR) portal of the industry so that the imported sugar could be sold.

Thinking betterment of farmers and the sugar industry the government must take positive decisions, the PSMA requested.

Earlier, the government of Pakistan has officially opened Letters of Credit (LCs) to get the 85,000 metric tons of sugar imported under the government-to-government Sugar agreement.

By this strategic step, the government aims to balance domestic sugar shortages and price instability.

The official sources have mentioned that, LCs have been communicated to banks, allowing the shipments of imported sugar in phases. The first consignment is likely to arrive at Pakistani ports within the next few weeks.

By this major initiative sugar supply continuity will not be stopped in local markets, further price hikes will be balanced.

Officials have assured that the imported sugar is of international quality standards and will be delivered within the specified timeframe.

The Sugar agreement has been made after the rising concerns over sugar price hike, which has been almost PKR 200 per kg in main cities.

Analysts link the crisis to the seasonal gaps, and sugar accumulation which caused sugar supply continuity disrupted.

The Sugar agreement is likely to play an essential role in balancing the market, confirming that sugar supply continuity is not disturbed during peak times.

Authorities highlighted that the distribution of imported sugar will be efficient to control both industrial and consumer needs.

Government’s current strategy will control inflation and ensure food security, and will let the sugar supply continues.