ISLAMABAD: Pakistan has earned $500 million through the export of surplus sugar, said Prime Minister Shehbaz Sharif on Thursday.
He made this announcement while chairing a meeting to review Pakistan’s economic situation and digitisation reforms at the Federal Board of Revenue (FBR), according to a statement released by his office. “Timely decision to export sugar has generated $500 million in valuable foreign exchange for Pakistan,” said the prime minister.
In June this year, the Pakistan Sugar Mills Association (PSMA) suggested the government allow the export of up to one million tons of refined sugar in the first phase, which they said would bring around $650-700 million in foreign exchange, with the rest of the 0.6 million tons exported in two phases.
The government initially allowed PSMA to export 150,000 tons of sugar, which was later extended by 100,000 tons. Additionally, 40,000 tons of sugar were exported to Tajikistan on a government-to-government basis.
On October 8, 2024, the government allowed the sugar industry to export 500,000 tons. Last month, the PSMA sought permission to export more sugar, arguing that the country had over 1.08 million tons of surplus stocks at the start of the new crushing season.
During the meeting, Shehbaz Sharif said that FBR’s digitization marks a significant milestone in the government’s key economic reforms. He emphasized a data-driven strategy to enhance revenue collection and called for measures to improve the taxation system.
The prime minister directed strict action to ensure the implementation of revenue collection strategies. According to the PMO statement, Shehbaz instructed authorities to complete key digitization initiatives at FBR by December 31, 2024.
During the briefing, the prime minister was informed that the complete digitisation of FBR’s value chain will be finalised by March 2025. He was also briefed that a mobile app for small businesses’ digital invoicing will be ready by the end of December.
Shehbaz highlighted that due to a strict crackdown on smuggled fuel and a significant reduction in petrol and diesel prices, Pakistan’s petroleum sales have risen to a 25-month high of 1.58 million tons in November 2024. “Year-on-year petroleum sales in Pakistan increased by 15%, signalling a recovery in the energy market,” he said, while directing further intensified actions against petrol smuggling.
The meeting participants were informed that video analytics installation for the sugar industry had been completed, and the design work for similar analytics in the cement industry is also finalised. The prime minister directed the swift completion of video analytics installation in the cement industry.
A central assessment unit for faceless customs assessment has also been established in Karachi and will begin operations on December 31, 2024.
