Islamabad: Prime Minister Shehbaz Sharif firmly opposed any rise in sugar prices in the country, emphasizing that sugar mills must maintain a consistent ex-factory rate of Rs140 throughout the year.
In a special meeting chaired by Prime Minister Shehbaz Sharif, issues regarding sugar exports were deliberated upon. During the briefing, it was highlighted that failure to export sugar could lead to financial distress for sugar mills, potentially resulting in the closure of 40 mills in the upcoming season.
Furthermore, it was revealed that while sugar mills have disbursed 760 billion rupees out of the 800 billion rupees owed to sugarcane farmers for this season, an additional 40 billion rupees still need to be paid. Failure to export sugar could impede the crushing operations scheduled for November.
The briefing also outlined that the country currently has an excess of 1.5 million tons of sugar, and exporting five million tons could generate earnings of 26 million dollars.
Prime Minister Shehbaz Sharif stressed that the Economic Coordination Committee (ECC) would make the final decision regarding sugar exports. He directed the ECC to evaluate the sugar stockpile and assess the global market situation. The Prime Minister reiterated that any increase in domestic sugar prices would not be tolerated, and it is imperative for sugar mills to ensure a consistent ex-factory price of Rs140 throughout the year.
