Dar presides over meeting of ECC; conditions for export of sugar revised

ISLAMABAD, Jan 26 (SABAH): Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar presided over the meeting of the Economic Coordination Committee (ECC) of the Cabinet on Thursday.

Federal Minister for Commerce Syed Naveed Qamar, Federal Minister for Power Khurram Dastgir Khan, Federal Minister for Industries and Production Syed Murtaza Mahmud, Minister of State for Finance and Revenue Dr. Aisha Ghous Pasha,  Shahid Khaqan Abbasi MNA/Ex-PM, SAPM on Finance Tariq Bajwa, SAPM on Government Effectiveness Dr. Muhammad Jehanzeb Khan, Coordinator to PM on Commerce & Industry Rana Ihsan Afzal, Governor SBP, Federal Secretaries and other senior officers attended the meeting.

The Ministry of Commerce submitted a summary regarding export of sugar with proposals from SBP and 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 export of a total of 250,000 MT of sugar on 3rd January, 2023. However, certain queries have been raised by the stakeholders in the process of export of sugar.

For the facilitation of export of sugar, the ECC after detailed discussion approved revised conditions, which may be considered as follow as provincial cane commissioners will allocate quota within seven (07) days of the issuance of the notification; export proceeds shall be received either in advance through banking channel, or within a period of sixty(60) days of opening of LC for export of sugar; and the exporters shall ensure that the consignment is shipped within 45 days of quota allocation.