ISLAMABAD : August 28,2023: The Economic Coordination Committee (ECC) of the federal cabinet on Monday banned sugar exports with immediate effect. This is a very important decision taken by the caretaker set-up in days after taking charge to run the country till coming in of the elected government.
Dr Shamshad Akhtar , the caretaker Finance minister and her deputy caretaker state minister for Finance , Dr Waqar Masood , are instrumental in slapping ban on sugar exports. According to the official handout issued by the Finance ministry on decisions taken in the meeting on Monday ,
ECC slapped ban on sugar exports to stop upward tend in the commodity prices and give some relief to the end consumers . The last government had allowed sugar export with a bad intention . The purpose of the last government to permit sugar exports was to provide an opportunity to the sugar stockists to increase the rates of the commodity and make undue profit on its sale.
The plan of the last government worked up to its expectations and within a couple of weeks the sugar rates increased in the local market from Rs 105 to Rs 160 per kg at retail level. The Shahbaz government allowed sugar export at a time when the commodity stocks were not sufficient to cater the domestic needs. This dirty game of sugar barons would have continued had the caretakers not stopped sugar exports.
Pakistan has already lost 0.5 million tons of sugar through sugar smuggling to Afghanistan in the last around four months . An important partner from Sindh of Shahbaz government was a major beneficiary of sugar smuggling to Afghanistan. There is a possibility that the ban on sugar export will bring stability in the commodity rates till the start of fresh crushing season in mid of November.
ECC also took stock of sugar smuggling to Afghanistan and directed to the provincial authority to take all possible measures in coordination with other agencies to check sugar smuggling.
