ECC decides to impose immediate ban on sugar exports

ISLAMABAD: Economic Coordination Committee (ECC) of the federal cabinet on Monday has decided to impose an immediate ban on the export of sugar to keep prices under control.

Adviser to the Prime Minister on Finance Sheikh Abdul Hafeez chaired the meeting which observed that there are sufficient and adequate stocks of sugar in the country but prices in both domestic and international markets are showing an upward trend.

ECC was given a briefing by the Ministry of Industries and Production on the current situation of sugar supply in the country. It was briefed to the ECC that there are 1.719 million tons of sugar stocks available with the mills. In order to maintain the prices in the domestic market, ECC banned the export of sugar.

The Ministry of Industries and Production was directed to monitor sugar prices and availability situation and come back to ECC if there is a need to import sugar in the future to discourage hoarding and profiteering.

The ECC decided that in case there is a considerable decrease in available stock, the committee would be willing to reconsider the proposal for import of sugar as well as the removal of tariff and taxes on subject import. ECC also directed the ministry to talk to the provincial governments to control the price of the commodity in the country.

ECC considered and approved the Technical Supplementary Grant for release of funds amounting to Rs 3300.00 million during the fiscal year 2019-20 in respect of the project titled ‘Prime Minister’s special package to implement Skill for All’ strategy as a catalyst for TVET sector Development in Pakistan.

ECC also approved the continuation of funding facility to Inter-State Gas Systems (ISGS). It was decided that the loan agreement between ISGS and Government Holdings Pvt Ltd (GHPL) be approved for a period of one year.

Any extension thereafter will be subject to progress on the undertaken projects and as soon as the first project reaches closure, ISGS needs to become financially self-sustaining and after the closure of the project it will also put forward a business plan how it will return the loan.

ECC also approved the request by the Ministry of Law and Justice for a technical supplementary grant equivalent of $1 million as legal and miscellaneous expenses in the case of Reko-Diq. ECC also directed the ministry to give a detailed briefing on the details of the case in the next meeting.