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ECC okays export of 250,000 tonnes of sugar

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  • Govt okays to export 250,000 tonnes of sugar. 
  • Quantity includes export of 100,000 tonnes approved in last meeting. 
  • Finance minister Ishaq Dar presided over ECC meeting. 

The Economic Coordination Committee (ECC) of the Cabinet has greenlighted the export of 250,000 tonnes of sugar with the condition that the Pakistan Sugar Mills Association (PSMA) ensures that the prices of sweetener would not exceed Rs85-90/kg in the domestic market.

The Federal Minister for Finance and Revenue, Senator Ishaq Dar presided over the ECC meeting on Tuesday. Those who attended the meeting include Federal Minister for Power Khurram Dastgir Khan, Federal Minister for Commerce Syed Naveed Qamar, Federal Minister for National Food Security and Research Tariq Bashir Cheema, former PM Shahid Khaqan Abbasi, Minister of State for Petroleum Musadik Masood Malik, SAPM on Finance Tariq Bajwa, SAPM on Government Effectiveness Muhammad Jehanzeb Khan, Coordinator to PM on Commerce & Industry Rana Ihsan Afzal, federal secretaries and senior officers.

The Ministry of National Food Security and Research submitted a summary on the export of sugar during the year 2022-23 and presented the recommendations of the 4th meeting of the Sugar Advisory Board (SAB).

The ECC after detailed discussions on the recommendation of SAB, allowed 250,000 tons of sugar for export inclusive of the previously permitted 100,000 tons by the ECC, on a first-come-first-served basis. The ECC further decided that the total quantity of export may be distributed among provinces based on their installed crushing capacity, to be determined by PSMA.

Petroleum Division tabled a summary on liquidity requirement of the PSO for import of LNG and petroleum products into the country. It was submitted that PSO has been engaged in the import of LNG into the country to meet the deficit in gas demand and supply and is obliged to clear its financial obligations of supplier within stipulated period.

In order to enable the PSO to remain current in its payment obligations to LNG suppliers as well as to maintain LNG supply chain, the ECC allowed release of Rs10 billion budgeted subsidy to Petroleum Division and allowed the government guarantee against bank financing upto Rs50 billion.

The Ministry of National Health Services, Regulation and Coordination submitted a summary regarding transfer of amount to government of Afghanistan for functioning, maintenance, equipments and salaries of three Pakistani hospitals in Afghanistan.

The ECC after discussion, approved the revised mechanisms and modalities for transfer of funds to Afghanistan, as proposed by the Afghanistan Inter-Ministerial Coordination Cell (AICC) with the direction to attempt to release the amount in Pak rupees.

As per revised mechanism, the total amount already approved by the cabinet for salaries i.e. Rs1.009 billion would be transferred to Afghanistan in four tranches. These funds would be transferred through the ministry of foreign affairs and sent to Pakistan’s embassy in Kabul. The remaining three tranches would be transferred through banking channels to the embassy account opened for the purpose of disbursing salaries for doctors and other staff working in hospitals in Afghanistan constructed and operated by Pakistan.

The ECC further decided that dollar proceeds of exports will be recovered within sixty days of the LC opening. The Ministry of Industry and Production submitted a summary on the diversion of RLNG to Urea fertilizer plants upto 31st Jan, 2023. 

The ECC, after deliberation, decided to reject the proposal of Ministry of NFS&R and Ministry of I & P and decided that the RLNG supply to these plants would be discontinued with effect from midnight of 3rd January, 2023. The ECC deferred a summary submitted by the Ministry of Industries and Production tabled on price fixation of imported urea, with direction to work out and submit detailed mechanism for sharing of subsidy by provincial governments.

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Finance Minister: A “big” IMF program is coming for Pakistan.

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Speaking at the Karachi Stock Exchange ceremony, the Finance Minister announced that meetings with IMF representatives would take place in Washington on April 14 and 15.

He applauded the caretaker government’s effort to bring about economic stability and predicted that the nation’s economy would stabilize with improved economic policies.

Muhammad Aurangzeb emphasized that in order to move the country’s economy toward stabilization, structural reforms must be implemented.

He restated that the nation’s recovery from the economic crisis depends heavily on the stock market. The stock market is, nevertheless, trending upward.

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Pakistan is still classified as a secondary emerging market by the FTSE.

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The nation could perhaps be demoted, according to the worldwide index provider, since its index weight has decreased over the previous few years.

Pakistan’s market capitalization peaked in 2017 at $100 billion, but it fell to $21 billion by 2024, according to a Bloomberg research.

It did, however, state that Pakistan’s standing as a secondary emerging market will remain unchanged due to favorable political changes brought about by the establishment of a stable government.

Bloomberg saw Shehbaz Sharif’s election as prime minister, who is open to reform, as a step in the right direction for the nation struggling financially.

Shehbaz Sharif, the president of the Pakistan Muslim League-Nawaz, was chosen on March 4 to serve as the country’s 24th prime minister.

With 201 votes, PM Shehbaz defeated Omar Ayub Khan of the Sunni Ittehad Council (SIC) by 92 votes.

over the economy, earlier this month, Pakistan and the International Monetary Fund (IMF) came to an agreement at the staff level over the second and last review conducted under Pakistan’s Stand-By Arrangement.

The IMF secured a staff-level agreement with Pakistan on the second and final review of the nation’s stabilization program, which is backed by the IMF’s US$3 billion (SDR2,250 million) SBA authorized, according to the official statement released by an IMF team led by Nathan Porter.

The remaining US$1.1 billion (SDR 828 million) of SBA access will be made available following the IMF Executive Board’s approval of the deal.

It was reported shortly after the February 8 election that the newly elected PML-N-led government intended to apply for a new IMF credit package.

Pakistan is anticipated to pursue a $6–8 billion loan program from the global lender, and the IMF will be contacted right once to begin negotiations for this. The sources went on to say that the IMF would have tighter requirements this time.

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PM Shehbaz Sharif: “A plan to digitize the tax system is underway.”

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In an address to the All Pakistan Newspapers Society delegation in Islamabad today, the prime minister announced that plans were in motion to update the tax collection system.

The prime minister added that efforts are underway to broaden the revenue base and that the Federal Board of Revenue (FBR) is fully digitizing.

He emphasized that the Tax Excellence Awards were a recent initiative by the government to support female entrepreneurs, exporters, and engaged taxpayers.

The government’s priorities, according to the prime minister, are institutional changes, austerity, domestic and external investment, and privatization of government-owned businesses.

Praiseing the media’s contribution to public awareness-raising and good governance, he called on the sector to successfully communicate the benefits of economic stability under SIFC.

Calling fake news a major problem, he emphasized the need for cooperation to combat it. Additionally, he extended an invitation to the press to back Pakistan’s administration in its endeavors for the country’s growth and well-being.

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