ECC permits export of more sugar.

The Government on Tuesday allowed export of an additional 150,000 tons of sugar on the basis of 'factually incorrect' production figures, and took ad hoc decisions for continued supply of imported gas and urea to temporarily avoid a budget cost of Rs130 billion. Instead of giving Rs100 billion in additional budget to save Pakistan State Oil (PSO) from default, the Economic Coordination Committee (ECC) of the cabinet directed that a loan of Rs50 billion should be raised from banks on the back of sovereign guarantees. The ECC also did not take urea pricing and gas supply cost...