ECC Allows Export of 0.15 Million Tons of Sugar

Federal Minister for Finance Muhammad Aurangzeb chaired a meeting of the Economic Coordination Committee (ECC) of the Cabinet at the Finance Division on Thursday. The proposal of Ministry of Industries & Production for the export of 0.15 million metric tons (MMT) of surplus sugar was approved by ECC with the condition that in the event of a rise in retail price of sugar, the permission to export would be revoked. It was also directed that it may be ensured that export proceeds be utilized by the mills for clearing the overdue payments to farmers. The ECC approved a proposal of Petroleum Division for release of Rs. 9 billion for clearing the outstanding claims of OMCs including PSO on account of price differential claims. Furthermore, the proposal of the Ministry of Federal Education & Professional Training to exempt HEC from Relending Policy of Foreign Loans/Credits to autonomous bodies was approved. The Cabinet Committee also approved the summary of Power Division for the repayment of Rs. 82 billion finance facility extended to PHL by OGDCL. It was decided that OGDCL would also clear its liabilities towards GoP from the funds received through this arrangement. The meeting was attended by the Minister for Industries & Production Rana Tanveer Hussain, Minister for Petroleum Musadik Masood Malik, Minister for Power Sardar Awais Ahmad Khan Leghari, Minister of State for Finance & Revenue Ali Pervez Malik, Federal Secretaries, and other senior officials of the relevant ministries.