Islamabad: August 22, 2024 Federal Minister for Finance & Revenue Senator, Muhammad Aurangzeb , chaired a meeting of the Economic Coordination Committee (ECC) of the Cabinet at the Finance Division today (Thursday).
The meeting was attended by the Minister for Industries & Production Rana Tanveer Hussain, Minister for Commerce Mr. Jam Kamal Khan, Minister for Privatization Mr. Abdul Aleem Khan, Minister for Planning, Development & Special Initiatives Mr. Ahsan Iqbal Chauhdry, Minister for Economic Affairs Mr. Ahad Khan Cheema, Minister for Petroleum Mr. Mussadiq Masood Malik, Minister for Power Sardar Awais Khan Leghari, Dy Chairman Planning Commission, Federal Secretaries, and other senior officials of the relevant ministries.
The ECC approved the summary of the Ministry of Industries & Production regarding the export of further 0.100 million MT of Sugar with the following conditions:
a. In view of procedural delays encountered during export of sugar, the period allowed for export of sugar from the date of allocation of quota by respective Cane Commissioner shall be extended from forty-five (45) days to sixty (60) days;
b. Export proceeds shall be received in advance in case of Afghanistan only through banking channel however, export proceeds in case of LC may be allowed within a period of 60 days of opening of LC for export of sugar to other destinations;
c. Benchmark for Retail Price of sugar may be delinked from the permission to export sugar as retail price is not directly under the control of sugar mills; and
d. Condition of revoking of export quota in case of non-payment of dues of the growers from proceeds of export of sugar shall be applicable only to the non-compliant mills rather than PMSA as a whole.
Moreover, the ECC decided to monitor the market situation on a monthly basis and review its decision as per emerging needs, and instructed the Sugar Advisory Board to develop a comprehensive sugar policy within two months to address the sector’s challenges and ensure sustainable growth.
The ECC also considered and approved the following Technical Supplementary Grants:
1. Rs. 276.250 million in favor of the Ministry of Interior to HQ Frontier Corps KP(N) TSG for Project Implementation Letters (PILs).
2. Rs. 1951.995 million on account of payment of security charges – Reko Diq Project to Frontier Corps Balochistan (South).
3. Rs. 20 billion as a special allocation for Operation Azm-e-Istehkam during CFY 2024-25.
