Govt likely to allow export of one million metric tonnes of sugar.

Islamabad -- Amidst raising retail prices of sugar to Rs100 per kilogramme, the government and Pakistan Sugar Mills Association (PSMA) are meeting here today (Monday) to consider the proposal of allowing export of surplus sugar.

Finance Minister Ishaq Dar has convened a meeting with the representatives of PSMA to consider the demand of the sugar industry for the export of one million metric tonnes surplus sugar, official source told The Nation.

The meeting will consider availability of sugar stocks in the country, starting of sugarcane crushing season and the demand of the PSMA for the export of surplus sugar, the source said.

Last week a general body meeting of Pakistan Sugar Mills Association (Centre) had unanimously decided that the sugar mills will not be in a position to start crushing season until the government allows export of surplus sugar. The PSMA spokesperson said that the sugar mills have ample stocks till January 15, 2023 and the industry is left with only two options- First is to delay the start of crushing season so that the stocks available with the mills will end or, second, the government gives permission to the sugar mills to export one million metric tonnes of surplus sugar to get foreign exchange to the tune of one billion dollars and the sugar mills can start the crushing season.

The demand from the industry for the export of surplus sugar came at the time when the price of the commodity is...