Islamabad: Economic Coordination Committee (ECC) of Cabinet has imposed ban on export of sugar. According to Ministry of Finance officials, this decision aims to curb escalating sugar prices domestically.

Chaired by caretaker Finance Minister Dr. Shamshad Akhtar, ECC meeting included proposal from Ministry of National Food Security to prohibit sugar exports, an effort to rein in surging sugar costs. Proposal garnered approval.

Last fiscal year saw export of 215,751 metric tonnes of sugar, with current financial year’s first month witnessing 5,542 metric tonnes of sugar exports. Notably, previous government sanctioned export of 32,000 metric tonnes of sugar in June. This move led to local market shortages, accentuated by alleged hoarding that further propelled sugar prices.

Published in The Daily National Courier, August, 29 2023

Like Business on Facebook, follow @DailyNCourier on Twitter to stay informed and join in the conversation.