The Economic Coordination Committee (ECC) has announced its decision to uphold the ban on the export of sugar. The decision was reached during a crucial meeting held in Islamabad, chaired by Caretaker Minister for Finance, Revenue, Economic Affairs, and Privatization, Dr. Shamshad Akhtar.
During the meeting, the Ministry of National Food Security & Research presented a summary urging the cancellation of the sugar export quota and the imposition of a ban on sugar exports. The committee was briefed extensively on various factors, including the country’s current sugar production, stock levels, consumption rates, the surge in sugar prices within the market, and the subsequent impact on overall food inflation.
Upon comprehensive deliberation and a thorough review of its previous decision regarding sugar export quotas, the ECC decided to reinforce the existing ban on sugar exports, effective from August 10th. The committee emphasized the importance of ensuring domestic sugar supply and curbing any potential rise in prices due to export-related pressures.
Furthermore, the ECC has directed the Ministry of National Food Security and Research to furnish regular reports outlining the availability of sugar stocks, consumption patterns, and pricing trends. This move is intended to facilitate the ECC’s vigilant monitoring of the sugar market and its pricing dynamics.
Recognizing the need to address unauthorized trade practices, the ECC has instructed the Ministry of NFSR to collaborate closely with relevant authorities and agencies to counter sugar smuggling and hoarding activities effectively. This multifaceted approach aims to stabilize sugar availability and pricing within the local market.
In addition to the sugar-related measures, the ECC has also called upon the Ministry of NFSR to promptly provide up-to-date information regarding wheat stocks, availability, and prices. This directive underscores the government’s commitment to maintaining transparency and addressing any potential concerns within the wheat market.
The ECC’s decision to prolong the sugar export ban reflects a concerted effort to balance domestic demand and supply while tackling rising food inflation. The committee’s proactive stance in monitoring essential commodities like sugar and wheat demonstrates the government’s commitment to ensuring the well-being of its citizens and stabilizing the economy.
