In a recent development, the Economic Coordination Committee (ECC) of Pakistan has given the green light for the export of 0.15 million metric tons of sugar. This decision comes in the wake of a surplus production of sugar in the country.
The ECC, under the chairmanship of Federal Minister for Finance Muhammad Aurangzeb, convened to discuss this pressing issue. After thorough deliberation, the committee concluded that the export of surplus sugar would not only stabilize the domestic market but also ensure the prompt clearance of farmers’ dues.
“This move by the ECC is a testament to the government’s commitment to balancing domestic needs with international trade opportunities,” stated Federal Minister for Finance Muhammad Aurangzeb. He further added that the decision was made after considering the current sugar production and consumption patterns in the country.
A spokesperson from the Ministry of Industries & Production echoed these sentiments, stating, “Ensuring that export proceeds benefit our farmers is crucial for the sustainability of the agriculture sector.”
Committee Decisions
The Cabinet Committee also approved the summary of the power department’s reimbursement of Rs. OGDCL provides $82 billion financing facility to PHL. The meeting decided that OGDCL will also liquidate its liabilities to the GoP from the funds received through this arrangement.
Industries and Production Minister Rana Tanveer Hussain, Petroleum Minister Musadiq Masood Malik, Power Minister Sardar Awais Ahmed Khan Leghari, Minister of State for Finance and Revenue Ali Pervez Malik along with federal ministers and other senior officials attended the meeting.
However, the ECC has also put a revocation clause in place. This clause allows the committee to halt the export if there is a significant increase in domestic sugar prices. This measure ensures that the interests of the local consumers are not compromised.
The decision to allow the export of sugar is expected to have a positive impact on the country’s economy. It will not only help in earning foreign exchange but also in supporting the local sugar industry and the agriculture sector.
In conclusion, the ECC’s decision to permit the export of 0.15 million metric tons of sugar is a strategic move. It aims to balance the domestic market, support the agriculture sector, and boost the country’s economy. As we move forward, it will be interesting to see how this decision unfolds and impacts the various stakeholders involved.
