Plan to export 500,000 tonnes of sugar

ISLAMABAD: The government on Friday decided to export 500,000 tonnes of sugar.According to the Finance Ministry, on Friday evening, Federal Minister for Finance and Revenue Miftah Ismail called Pakistan Sugar Mills Association’s central Chairman Muhammad Zaka Ashraf Chaudhry for meeting on a short notice, who appeared along with PSMA Secretary General Dr Hassan Iqbal and other advisers.

During the meeting spread over three quarters of an hour, Federal Minister for Finance Miftah Ismail was assisted by Federal Secretary Commerce Saleh Farooqi, Secretary Industries and Production Imdad Bosal, Federal Secretary Finance Hameed Yaqoob Shaikh, Federal Secretary National Food Secretary Ghuffran Memon and additional and joint secretaries of the Finance Ministry.

The federal government decided to export 250,000 tonnes of sugar in the first phase, while 250,000 tonnes in the second phase.Currently, the price of sugar per tonnes in the international market is USD560, hence the export of 500,000 tonnes of sugar will fetch Pakistan USD280 million.