The Ministry of Industry withdrew its request to import sugar at the height of the crushing season

The Ministry of Industry withdrew its request to import sugar at the height of the crushing season

ISLAMABAD: At a meeting to approve some technical and supplemental grants of the Cabinet Economic Coordination Committee (ECC), the Ministry of Industry and Production withdrew their request for Suger imports at the last minute.

The meeting was chaired by Advisor Finance Treasurer Dr. Abdul Hafeez Shaikh, in which the Pakistan State Oil (PSO) also approved a payment.

Informed sources said that despite the height of the crushing season, the Ministry of Industry had requested a duty-free import of 3 million tonnes of sugar into the ECC.

According to an official, shortly before the start of the ECC meeting, the secretary cabinet said the ministry had withdrawn the summary.

There was no official reason for this, but sources said the announcement by the Federal Cabinet, that a representative of the Inter-Services Intelligence Agency (ISI), was also among the committee investigating the rise in Chinese prices. Included, the Ministry of Defense was forced not to import sugar at the height of the crossing season.

Recall that last month, Prime Minister Imran Khan had constituted a committee comprising senior representatives of Federal Investigation Agency (FIA), Intelligence Bureau (IB) and Punjab Anti-Corruption Department.

The committee was set up to investigate what led to the rise in sugar prices in the middle of the crushing season, and who was involved in price manipulation or cartelization.

The meeting also reviewed the issue of liability of Rs. 1 billion 69 crores 6 million in connection with the expenditure of port on the import of LNG through PSO at the request of the Ministry of Naval Affairs. Payable in 10 equal installments with no interest over a period of 10 years.

However, at the request of the Ministry of Maritime Affairs, the ECC formed a committee that will review the situation in January 2023 and make suggestions and recommendations for the possibility of premature payment of dues.

It should be noted that during the current government period, the ministry demanded full payment with surcharge.

In addition, the ECC approved a technical subsidy grant of Rs 4 billion 15 crores 20 Lakh for the Federal Board of Revenue (FBR) from the World Bank's funded Pakistan Rises Revenue Program.

In addition, a technical subsidy grant of Rs.4,44,47000 was also approved for the Islamabad Capital Territory at the meeting. The increase will be used to implement the Prime Minister's program Save the Culph and Poultry.

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Economic coordination committee (ecc)

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