ECC likely to give approval for importing 100,000MT sugar

ISLAMABAD: The Economic Coordination Committee (ECC) of Cabinet is likely to give approval of importing 100,000 metric tonnes of sugar.
Sources said that Finance Minister has summoned the ECC meeting on Wednesday in which two agenda of importing of 100,000 sugar and the approval of STPF would be discussed.
Sources said that Ministry of Industries and Production on the instructions of the Prime Minister Secretariat prepared a summary pertaining to importing of 100,000 metric tonnes sugar not only to build the stretegic reserves but also to stabilise prices in domestic market which has surged to Rs110 per kg.
Sources said that Pakistan has an ample sugar till November 15, as government has imported 0.130MMT of sugar in last year despite this an increase of Rs15 to 20 in sugar prices per kg witnessed during the last six months.
It is worth mentioning here that government has fixed Rs88 per kg maximum retail price of sugar as the mills in its sales tax returns declared Rs70.42 per kg as average ex-mill sale rate, Rs1 per kg distribution cost, Rs4 per kg transport/packing & retailer margin and Rs17 percent sales tax per kg in their sales tax returns.
On the other hand, Pakistan Sugar Mill Associations (PSMA) has never agreed to the price fixation as one senior official told this scribe that the average ex mill price comes to Rs101 per kg.
“We have to clear sugarcane farmers dues coupled with interest payments on working capital to commercial banks,” he said.
Sources also said ECC would also take up the Ministry of Commerce’s summary with regard to approval of a five year stretegic trade policy framework which has been deferred in last meeting.
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