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ISLAMABAD: A meeting of the Economic Coordination Committee (ECC) of the cabinet was held today under the chairmanship of Federal Finance Minister and Revenue Senator Muhammad Aurangzeb.
As per the details, the ECC discussed the summary submitted by the Ministry of Industries and Production seeking permission for further exports of 500,000 metric tonnes of sugar even after meeting the proposed and ongoing export requirements. Ongoing crushing year as well as maintenance of strategic reserves.
The meeting was informed that according to the data provided by the provinces and FBR, the current stock of sugar as on 30-09-2024 was 2.054 million metric tonnes while the total consumption during the last ten months of the current crushing year 2023-24 was 5.456 million. stayed MT
It was further submitted that the expected off-take in the next 2 months is likely to be around 0.900 million MT (based on FBR’s off-take report for September i.e. 0.450 million MT). Therefore, as per previous decisions of ECC, the quantity of 0.140 million MT is yet to be exported, the expected stock remaining by 30 November 2024 will be 1.014 million MT. Similarly, after allocating one month’s off-take i.e. 0.450 million MT as a strategic reserve, a surplus of 0.564 million MT will remain available.
The ECC had a threadbare discussion on the proposal and considering the recommendation from relevant stakeholders and Ministries, approved the proposal for an additional export of 0.500 million MT of surplus sugar with the same terms and conditions as allowed by ECC in its decision on 20th September 2024 with the following modifications:
- This permission shall be subject to the provision of an undertaking by PSMA that their mills will commence production by November 21, 2024, for the next crop year and export quota of any non-compliant mill will be revoked;
- Exporters shall ensure that the consignments are shipped within ninety (90) days of allocation of quota by the respective Cane Commissioners; and
- This permission may be revoked by SAB at any time in the interest of stability of the domestic market and maintenance of retail prices.
The ECC further directed that the Cabinet Committee for Monitoring Sugar Export, which was already constituted vide Cabinet Division Notification dated 25 and 26 June 2024 and 13 September 2024, on the demand, supply and price situation of sugar. will be regularly monitored and updated. in the country, including in the case of export of 0.500 MMT of sugar.
The ECC also discussed and approved the summary submitted by the Ministry of Industries and Production for the compensation package for the deceased Chinese employees of Port Qasim Electric Power Company (Pvt) Ltd.
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