27/07/2008
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Authorities draw line on sugar export
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ISLAMABAD: The Daily Economic Monitoring Committee on Saturday advised the Ministry of Commerce to immediately impose ban on export of sugar and notify removal of import duty on sugar import by private sector in consideration of increased domestic consumption and in order to stabilise the prices.
The committee, chaired by Syed Naveed Qamar, Federal Minster for Finance, Privatisation & Investment, advised Ministry of Petroleum & Natural Resources to expedite CNG prices committee meeting, which has been formed to devise a benchmark for Ogra's guidance, facilitating announcement of CNG consumer prices. The committee shall complete its homework shortly and submit recommendations to the government. The committee reviewed existing wheat stock position, which was observed as comfortable and directed Ministry of Food and Agriculture to import further wheat to meet the increased domestic requirements. Minfal informed the committee that it is importing a total of 2.5 million tonnes of wheat.
First shipment has already landed on July 6, 2008, offloaded and distributed. Second shipment of wheat import is due today, while third shipment shall arrive on August 2, 2008 followed by additional imports on need basis. It will help augment domestic wheat stock, Minfal informed the committee on Saturday. The committee noted international market wheat prices are going down because of good crop yield world over. Minfal further informed the committee about existing wheat stock, which is 3.7 million tonnes. Minfal apprised the committee that 50,000 tones of urea is being imported from Kingdom of Saudi Arabia to meet local demand, adding the brotherly country has further committed 200,000 tonnes of urea to Pakistan.
The committee expressed satisfaction that DAP stock position for Rabi season is sufficient. It was noted that DAP prices shall be decided by fertiliser prices committee which already has been notified by federal government under the chair of advisor to prime minister on industries an production. The committee agreed with Minfal viewpoint, directing to provide 6,000 tonnes of pulses to Utility Stores Corporation (USC), and offload 20,000 tonnes of pulses in open market. It was also noted that supply of sugar to USC is being increased, adding that Trading Corporation of Pakistan (TCP) shall procure sugar from sugar mills to stabilise sugar supply in the market. NNI
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