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ECC imposes ban on export of sugar

ECC imposes ban on export of sugar
February 10, 2020
ISLAMABAD (92 News) – The Economic Coordination Committee (ECC) has imposed immediate ban on export of sugar. According to the announcement by Ministry of Finance, the ban was imposed to keep prices under control. This was decided during a meeting in Islamabad today with Adviser on Finance Sheikh Abdul Hafeez in the chair. The meeting observed that there are sufficient and adequate stocks of sugar in Pakistan. The Ministry of Industries and Production was directed to monitor sugar prices and availability situation and come back to ECC any time, if there is a need to import sugar in future to discourage hoarding and profiteering. Earlier, the ECC of the Cabinet has given a go-ahead for import of three hundred thousand tons of wheat. The meeting was held in Islamabad under the chair of Adviser on Finance Hafeez Shaikh. The ECC was informed that the first shipment of wheat is likely to arrive in the country by 15th of next month. The committee asked Punjab and PASSCO to release their stocks to overcome wheat shortage in the country. The meeting was informed that Punjab and PASSCO have wheat stocks of forty one lakh tons. Earlier, on a summary submitted by the Ministry of Maritime Affairs, the ECC approved a proposal regarding necessary amendments and exemptions in Income Tax Ordinance, Sales Tax Act and Custom Act for the Gwadar Port and Gwadar Free Zone. The decisions were taken at a meeting of the ECC held at the Cabinet Block on Wednesday with Adviser to the Prime Minister on Finance & Revenue Dr Abdul Hafeez Shaikh in the chair.