The federal government is likely to allow the export of sugar owing to mounting pressure from the sugar industry.
Sources told ProPakistani that Minister for Food Security and Research Tariq Bashir Cheema will chair the meeting of the Sugar Advisory Board on Tuesday, and the SAB is likely to ask the Economic Coordination Committee to allow exports of sugar.
Sources said that Federal Minister for Finance and Revenue Ishaq Dar has also summoned the Economic Coordination Committee (ECC) meeting on Tuesday, which is likely to discuss sugar export matters.
It is pertinent to note that the sugar industry is continuously lobbying for the export of 1.2 million metric tons of sugar, and they claim that Pakistan can earn around $500 million in foreign exchange if sugar is exported to foreign countries.
The incumbent government is continuously meeting on the export of sugar at the request of industry, and if the government allows the export, then there are chances that prices of sugar will increase in the local market. Presently, the price of one kilogram of sugar is Rs. 95 in Barakahu, Islamabad.
Meanwhile, the Finance Minister chaired a meeting at the Finance Division today to review the demand and supply situation for sugar in the country.
The meeting reviewed the available stock position and future demand for sugar in the country and was apprised that sufficient stocks of sugar are available in the country. It was informed that sugar mills have started crushing sugar cane in Sindh and Punjab provinces. It was also informed that the production of sugar in the province of Sindh will be less than last year due to floods.
The Chair expressed satisfaction with the country’s sugar availability and production and emphasized the importance of maintaining strategic reserves of sugar and maintaining sugar prices to provide maximum relief to the masses.
The Minister for Food, the Special Assistant to the Prime Minister (SAPM) on Finance, Tariq Bajwa, the SAPM on Revenue, Mr. Tariq Mehmood Pasha, the Secretary of NFS&R, the Special Secretary for Finance, and other senior officers from Finance and NFS&R attended the meeting.