The Ministry of Finance has been directed to arrange Rs. 18 billion required to import refined sugar.
Finance Minister, Shaukat Tarin, issued directives to the ministry.
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In the recent meeting of the Economic Coordination Committee (ECC) of the Cabinet, the Ministry of Industries and Production (MoI&P) sought approval for:
- Trading Corporation of Pakistan (TCP) being allowed to import 200,000 metric tons of sugar.
- Utility Stores Corporation (USC) to be allowed to purchase sugar from TCP.
- Rs. 18 billion be allocated for import and storage of sugar for three months, and
- Finance Division to arrange forex of $110 million for the import of 200,000 metric tons of sugar.
The committee deliberated that the comments from stakeholders could not be sought before approval, as it was a matter of urgency. Furthermore, if the MoI&P is given approval of the said proposals, it is likely to lead to price stabilization and avoid a possible shortage of sugar in the country.
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Consequently, the ECC approved the proposals but stated that the Finance Division shall provide the amount required for the import of 200,000 metric tons of sugar.
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