ISLAMABAD-The Economic Coordination Committee (ECC) of the Cabinet has decided to impose a ban on sugar exports to control the prices. Caretaker Federal Finance, Revenue, Economic Affairs and Privatisation Minister Dr Shamshad Akhtar chaired the meeting of the Economic Coordination Committee (ECC) of the Cabinet.
Ministry of National Food Security and Research submitted a summary regarding cancellation of export quota of sugar with a ban on export of sugar while briefing the meeting about the production, stock position of sugar, consumption and rising prices of sugar in the market, and its impact on overall food inflation. The ECC reviewed its previous decision regarding export quota of sugar and after detailed discussion and deliberation decided that in light of the previous decision of the ECC on the matter, the ban on export of sugar was already in place post 10th of August, 2023. The ECC further directed Ministry of National Food Security and Research to prepare and submit regular reports on availability of sugar stocks, consumption, and pricing to the ECC in order to enable it to monitor the availability and pricing of this important commodity. The ECC also directed the Ministry of NFSR to coordinate with all the relevant agencies and authorities to check smuggling and hoarding of sugar. Furthermore, the ECC also asked the Ministry of NFSR to provide the latest stock, availability and prices of wheat immediately. Sugar prices spiked to a record high of upto Rs170 per kg in retail markets.
Minister for Planning, Development and Special Initiatives Sami Saeed, Minister for IT and Telecom Umar Saif, Advisor to the PM on Finance Dr Waqar Masood, federal secretaries and other senior officers attended the meeting.