ECC Bans Sugar Exports as Local Prices Hit Record High

The Economic Coordination Committee (ECC) of the Cabinet Monday reviewed its previous decision regarding the export quota of sugar and decided that in light of its previous decision on the matter, the ban on the export of sugar was already in place post August 10, 2023. Caretaker Federal Minister for Finance, Revenue, Economic Affairs, and Privatization Dr. Shamshad Akhtar chaired the meeting of the ECC. Ministry of National Food Security & Research (NFS&R) submitted a summary regarding the cancellation of the export quota of sugar with a ban on the 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 the 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 August 10. The ECC further directed the Ministry of National Food Security and Research to prepare and submit regular reports on the 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 NFS&R to coordinate with all the relevant agencies and authorities to check the smuggling and hoarding of sugar. Furthermore, the ECC also asked the Ministry of NFS&R to provide the latest stock, availability, and prices of wheat immediately. Sami Saeed, Minister for Planning, Development & Special Initiatives, Umar Saif, Minister for IT and Telecommunication, Dr. Waqar Masood, Advisor to the PM on Finance, Federal Secretaries, and other senior officers attended the meeting.