Enhancement in sugar price is not acceptable at any cost: PM
ISLAMABAD (Online): Prime Minister (PM) Shehbaz Sharif has said hike in sugar prices is not acceptable at any cost.
“The decision to export additional sugar will be made by Economic Coordination Committee (ECC).
A special meeting was held under PM Shehbaz Sharif to review the matters related to export of sugar. PM was briefed if crushing is not started then sugar mills will become bankrupt.
PM was told that about 40 sugar mills are near to be shut in next season due to financial problems.
PM was told in the briefing that sugar mills paid Rs 760 billion out of 800 billion to growers of sugar cane in this running season. Mills have yet to pay Rs 40 billion to cultivators in current season. If sugar is not exported then sugar mills will not be able to do crushing in November.
The authorities said 15 lac tons sugar is additional. If 5 lac tones sugar is exported then Pakistan will get 26 crore dollars.
PM while talking in the meeting said the decision to export sugar will be made by ECC.
He directed ECC to review sugar stock and international market. Any increase in the price of sugar is not acceptable at any cost. Sugar mills should hold assurance to provide sugar at ex-factory rate of Rs 140 in the whole year.
