Finance Ministry Directed to Arrange Rs. 18 Billion to Import Sugar

The Ministry of Finance has been directed to arrange Rs. 18 billion required to import refined sugar.

Finance Minister, Shaukat Tarin, issued directives to the ministry.

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In the recent meeting of the Economic Coordination Committee (ECC) of the Cabinet, the Ministry of Industries and Production (MoI&P) sought approval for:

• Trading Corporation of Pakistan (TCP) being allowed to import 200,000 metric tons of sugar.
• Utility Stores Corporation (USC) to be allowed to purchase sugar from TCP.
• Rs. 18 billion be allocated for import and storage of sugar for three months, and
• Finance Division to arrange forex of $110 million for the import of 200,000 metric tons of sugar.

The committee deliberated that the comments from stakeholders could not be sought before approval, as it was a matter of urgency. Furthermore, if the MoI&P is given approval of the said proposals, it is likely to lead to price stabilization and avoid a possible shortage of sugar in the country.

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Consequently, the ECC approved the proposals but stated that the Finance Division shall provide the amount required for the import of 200,000 metric tons of sugar.