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Pakistan bans sugar export

This was decided during a meeting of Daily Economic Monitoring Committee presided over by Minister for Finance Syed Naveed Qamar presided here on Saturday.

According to an official announcement, the committee also advised the Ministry of Petroleum & Natural Resources to expedite CNG Prices Committee meeting which was 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 daily committee also reviewed existing wheat stock position, which was comfortable and directed Ministry of Food & Agriculture to import further wheat to meet the increased domestic requirements. MINFAL informed the committee that it was importing a total of 2.5 million tones of wheat.

First shipment was already landed on July 6, 2008, off loaded and distributed. Second shipment of wheat import was due to arrive on Saturday, while third shipment will arrive on August 2, 2008 followed by additional imports on need basis. It will help augment domestic wheat stock, MINFAL informed the committee.

The committee noted that 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 tones.

MINFAL informed the committee that 50,000 tones of UREA is being imported from Saudi Arabia to meet local demand. The Kingdom has further committed 200,000 tones 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.

The committee agreed with MINFAL view, directing to provide 6000 tones of pulses to Utility Stores Corporation (USC), and off load 20,000 tones 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.

Meanwhile, a delegation of Sarhad Chamber of Commerce and Industry led by President Haji Mohammad Asif met the finance minister and apprised about their evaluation of existing financial issues confronting the country in general and Sarhad Chamber in specific. The chamber delegates briefed the minister on business and industry specific problems of the NWFP province.

Qamar assured his all out support to SCC&I delegation in terms of government incentives, facilitation and support structure aiming to expand the size and volume of industrial and commercial development of the provincial entrepreneurs and industrialists economic development initiatives.

The finance minister appreciated delegates' individual viewpoint on agri crops yield and distribution related issues, adding that frequent interaction amongst all stakeholders would lead to resolution of all pending problems.