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Monday, February 6, 2023
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HomeBusinessECC okays sugar export to boost foreign reserves

ECC okays sugar export to boost foreign reserves

To boost the foreign reserves and exports the Economic Coordination Committee (ECC) has approved the export of 0.1 million metric tonnes of sugar.

Finance Minister Ishaq Dar chaired a meeting of the cabinet’s ECC.

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In the meeting, a summary was presented regarding the permission to export sugar on which the ECC approved the export of 100,000 metric tons of sugar.

A statement issued from the Finance Division said, “The ECC considered and approved a summary of the Ministry of National Food Security and Research regarding the export of sugar during FY 2022-23 and allowed the export of sugar up to 100,000 MT.”

Because of domestic demand sugar exports were completely banned earlier this year by Prime Minister Shehbaz Sharif.

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The ECC also authorized technical supplemental funds worth Rs7 million for the Ministry of Climate Change and Rs743.57 million for the Ministry of Housing and Works for the implementation of their development plans.

It should be noted that the government was under pressure from the Sugar Mills Association to allow the export of sugar.

On the other hand, the federal government had also directed the FBR to verify the stock of one million tonnes of additional sugar for the export of sugar.

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