A summary submitted by the Ministry of Industries and Production seeking permission for a further export of 500,000 tonnes of sugar was discussed at the meeting of the ECC, which was presided over by Finance Minister Muhammad Aurangzeb. The summary cited the availability of sufficient surplus stocks even after catering for the proposed and ongoing exports, the requirement for the remaining two months of the crushing year, and the maintenance of strategic reserves.
The gathering was informed that according to information given by the areas and Government Leading body of Income (FBR), the current supply of sugar remained at 2.054 million tons as of Sept 30, while complete utilization during the most recent 10 months of the ongoing smashing year 2023-24 remaining at 5.456m tons. Additionally, the estimated market offtake for the following two months was based on FBR’s reported offtake for September, which was 0.450 million tonnes. In this manner, subsequent to considering the amount of 0.140m tons that presently can’t seem to be sent out according to before ECC choices, the excess expected stocks will be 1.014m tons as of Nov 30. In a similar vein, a surplus of 0.564 million tonnes would remain available after earmarking one month’s offtake, or 0.450 million tonnes, as a strategic reserve.
Links permission to the start of cane crushing by November 21 The ECC had a brief discussion about the proposal. Based on the recommendation of relevant stakeholders and ministries, the ECC approved the proposal for an additional export of 0.500 million tonnes of surplus sugar on the same terms and conditions as allowed by the ECC in its previous decision from September 20 with some modifications.
The Pakistan Sugar Mills Association must promise that their mills will begin production for the upcoming crop year by November 21 and that any mill that does not comply will lose its export quota. This permission is contingent on this promise.
Additionally, the sugar exporters will guarantee that the transfers are sent in something like 90 days of the standard designation by the particular stick magistrates. The authorization for product would be dependent upon disavowal by the Sugar Warning Load up whenever in light of a legitimate concern for homegrown market solidness and retail cost support.
The ECC also said that the Cabinet Committee on Monitoring Sugar Exports, which was set up by the federal cabinet in June and was updated in September, would continue to keep an eye on the demand, supply, and price of sugar in the country, including if 0.5 million tons of sugar were exported.
The Cabinet Committee on State-Owned Enterprises (CCoSOEs), also presided over by the finance minister, approved a request from the Ministry of Planning, Development, and Special Initiatives to categorize the National Disaster Risk Management Fund, a non-profit public-owned organization working to enhance resilience to natural disasters, as a strategic State-Owned Enterprise. The ECC also approved a summary submitted by the Ministry of Energy (Power Division) seeking a compensation package for the deceased
