ECC imposes ban on sugar export to control prices in domestic market

ECC imposes ban on sugar export to control prices in domestic market
Islamabad: The Economic Coordination Committee on Monday imposed a ban on the export of sugar to maintain the prices in the domestic market.

Adviser to the Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh chaired the ECC meeting where the Ministry of Industries and Production gave briefing about the current situation of sugar supply in the country.

The decision comes amid pressure on the PTI government due to increasing prices of basic food commodities including wheat, sugar and oil.

The ministry informed the ECC that adequate stocks of sugar are available in the country but prices in both domestic and international market are showing an upward trend.

ECC also expressed willingness to reconsider the proposal for import of sugar if there is massive decrease in available stock.

The members of the ECC were all convinced that there are adequate stocks of sugar available in the country and there is currently no reason to import the commodity.

It was briefed to the ECC that there are 1.719 million tons of sugar stocks available with the Mills. ECC also directed Ministry to talk to the provincial governments to control price of the commodity in the country as it is provincial subject.