The Economic Coordination Committee (ECC) of the federal cabinet has directed Pakistani exporters to ensure the shipment of consignments within 45 days of quota allocation, WealthPK reports. The directives were issued in a meeting of ECC held here with Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar in the chair. Federal Minister for Commerce Syed Naveed Qamar, Federal Minister for Power Khurram Dastgir Khan, Federal Minister for Industries and Production Syed Murtaza Mahmud, Minister of State for Finance and Revenue Dr Aisha Ghous Pasha, MNA Shahid Khaqan Abbasi, Special Assistant to Prime Minister (SAPM) on Finance Tariq Bajwa, SAPM on Government Effectiveness Dr Muhammad Jehanzeb Khan, Coordinator to Prime Minister on Commerce and Industry Rana Ihsan Afzal, the governor of the State Bank of Pakistan, federal secretaries and other senior officers attended the meeting.

To facilitate the export of sugar, the ECC after detailed discussion approved revised conditions for provincial cane commissioners, who would allocate quota within seven days of the issuance of the notification. The meeting decided the export proceeds should be received either in advance through a banking channel, or within a period of 60 days of the opening of the letter of credit for the export of sugar. The Ministry of Commerce submitted a summary about the export of sugar with proposals from SBP and PSMA on certain conditions regarding the mode of payment and time period for realisation of export proceeds. The ECC allowed the export of a total of 250,000 metric tonnes of sugar on January 3, 2023. However, certain queries have been raised by the stakeholders in the process of the export.

Credit : Independent News Pakistan-WealthPk