Pakistan PM Chairs Meeting to Review Sugar Export Request Amid Surplus

Prime Minister Shehbaz Sharif chaired a meeting on Tuesday to review a request for exporting surplus sugar, taking into account Pakistan's national requirements. The meeting brought together relevant federal ministers and secretaries to conduct an in-depth analysis of the proposals put forth by stakeholders, including the Sugar Mills Association.

During the discussions, Prime Minister Sharif emphasized the need for a thorough reassessment of the discrepancies between the proposals. He directed federal and provincial authorities to collaborate effectively in curbing the illicit smuggling of sugar, which undermines market stability and adversely impacts consumers. "The government might opt for exporting the surplus stock, while also focusing on curbing sugar smuggling," the Prime Minister stated.

The Prime Minister also acknowledged the importance of cracking down on hoarding activities, which often exacerbate price fluctuations and disrupt the equilibrium between demand and supply. He mandated a comprehensive evaluation of the dynamics governing sugar demand and supply, with a detailed report expected within a week's time frame.

Why this matters: The government's multifaceted approach reflects its commitment to ensuring transparency, fairness, and stability within the sugar market. By addressing issues such as smuggling and hoarding, the Prime Minister aims to safeguard the interests of both producers and consumers in Pakistan.

The Pakistan Customs has recently seized 20 trucks carrying sugar worth millions of rupees that were being smuggled to Afghanistan, amid an increasing shortage and hike in the price of the commodity in the country. The Customs Field Enforcement Unit intercepted a convoy of 15 trucks carrying 8,260 bags of sugar, worth an estimated Rs700 million, that were being transported to interior Balochistan and later to the border areas without a permit.

Prime Minister Sharif expressed confidence that Pakistan's exports volume would be doubled over the next five years with the support of the business community. He highlighted the government's focus on bringing revolution in sectors like agriculture, mines & minerals, information technology, and industry to help resolve the country's foreign exchange reserves issue and reduce unemployment, poverty, and inflation.

Key Takeaways

• PM Sharif reviewed sugar export proposal, emphasized curbing smuggling and hoarding.
• Pakistan Customs seized 20 trucks carrying sugar worth millions being smuggled to Afghanistan.
• PM aims to double exports in 5 years, focus on agriculture, IT, and industry sectors.
• Government to conduct comprehensive evaluation of sugar demand and supply dynamics.
• Multifaceted approach to ensure transparency, fairness, and stability in the sugar market.