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Pakistan

Web Desk
February 10, 2020

ECC bans sugar exports in attempt to regulate prices: sources

Pakistan

Web Desk
Mon, Feb 10, 2020
The News/Files

ISLAMABAD: The Economic Coordination Committee (ECC) on Monday banned sugar export in an attempt to regulate the surging prices, Geo News reported, citing sources.

The move comes following an ECC meeting chaired by Prime Minister Imran Khan's adviser on finance, Dr Abdul Hafeez Shaikh, the sources said, adding that the committee also decided against a recommendation for Pakistan to import sugar.

The Ministry of Industries and Production was directed to keep a close watch over sugar prices across the country and directives issued to relevant authorities to initiate stern action against those found guilty of hoarding sugar.

Another decision taken during the meeting was that if the Ministry of Industries and Production felt the need to import sugar at any stage, then a fresh summary in this regard will be issued to the ECC.

The ECC’s decision to ban sugar export comes at a time when the sugar crisis occurred in Pakistan on the heels of the wheat flour crisis. Sugar crisis started skyrocketing a few days after a wheat price hike across the country prompted an investigation into the matter by the government.

PM Imran has promised to take stern action against those found involved in smuggling and hoarding sugar and wheat.