The Economic Coordination Committee (ECC) of the cabinet on Thursday approved revised terms on sugar exports.
Finance Minister Ishaq Dar chaired the Economic Coordination Committee (ECC) meeting 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 (@FinMinistryPak) January 26, 2023
The Ministry of Commerce submitted a summary on sugar export with proposals from the State Bank of Pakistan (SBP) and Pakistan Sugar Mills Association (PSMA) on certain conditions regarding mode of payment and time period for realization of export proceeds.
It was informed that the ECC has already allowed the export of a total of 250,000 tonnes of sugar on January 3. However, some questions have been raised by stakeholders in the sugar export process. To facilitate the export of sugar, the committee after detailed discussion approved revised terms.
Under the revised conditions, the District Cane Commissioners will allocate quota within seven days of the notification being issued.
Export proceeds are received either in advance through bank channels or within a period of sixty days of the opening of letters of credit (LC) for sugar export. The exporter ensures that the shipment is dispatched 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, Finance Minister Dr. Aisha Ghous Pasha, Former Prime Minister Shahid Khaqan Abbasi, SAPMs Tariq Bajwa and Dr. Muhammad Jehanzeb Khan , Prime Minister’s Coordinator for Commerce Rana Ihsan Afzal, Governor SBP, federal secretaries and other senior officers attended the meeting.