The Economic Coordination Committee (ECC) of the Cabinet on Thursday approved revised conditions regarding the export of sugar.
Finance Minister Ishaq Dar presided over the meeting of the Economic Coordination Committee (ECC) of the Cabinet.
Finance Minister Senator Mohammad Ishaq Dar chaired meeting of the ECC and approved revised conditions regarding mode of payment and time period for realization of export proceeds to facilitate the export of sugar. pic.twitter.com/RPGWl9RGIJ
— Ministry of Finance, Government of Pakistan (@Financegovpk) January 26, 2023
The Ministry of Commerce submitted a summary regarding the export of sugar with proposals from the State Bank of Pakistan (SBP) and Pakistan Sugar Mills Association (PSMA) on certain conditions regarding the mode of payment and the time period for the realization of export proceeds.
It was informed that the ECC has already allowed the export of a total of 250,000 MT of sugar on January 3. However, certain queries have been raised by the stakeholders in the process of the export of sugar. For the facilitation of the export of sugar, the committee after a detailed discussion approved revised conditions.
Under the revised conditions, the Provincial Cane Commissioners will allocate quota within seven days of the issuance of the notification.
The export proceeds shall be received either in advance through banking channels, or within a period of sixty days of the opening of letters of credit (LCs) for the export of sugar. The exporter shall ensure that the consignment is shipped within 45 days of quota allocation.
Federal Minister for Commerce Syed Naveed Qamar, Federal Minister for Power Khurram Dastgir, Federal Minister for Industries Syed Murtaza Mahmud, Minister of State for Finance Dr. Aisha Ghous Pasha, former prime minister Shahid Khaqan Abbasi, SAPMs Tariq Bajwa and Dr. Muhammad Jehanzeb Khan, Coordinator to PM on Commerce Rana Ihsan Afzal, SBP Governor, Federal Secretaries and other senior officers attended the meeting.