ECC Approves Export of 0.15 Million Tons of Sugar

Export of 0.15 Million Tons of Sugar

On Thursday, Federal Minister for Finance Muhammad Aurangzeb chaired a meeting of the Economic Coordination Committee (ECC) of the Cabinet at the Finance Division.

The ECC approved a proposal from the Ministry of Industries & Production to export 0.15 million metric tons (MMT) of surplus sugar. This approval comes with the condition that if retail sugar prices increase, the export permission will be revoked. It was also mandated that export proceeds must be used by the mills to clear overdue payments to farmers.

Funds for Clearing OMC Claims

The ECC approved a proposal from the Petroleum Division to release Rs. 9 billion for clearing outstanding claims of Oil Marketing Companies (OMCs), including PSO, for price differential claims.

HEC Exemption

Additionally, the ECC approved a proposal from the Ministry of Federal Education & Professional Training to exempt the Higher Education Commission (HEC) from the Relending Policy of Foreign Loans/Credits to autonomous bodies.

Financing Facility for PHL

The ECC also approved a summary from the Power Division for the repayment of an Rs. 82 billion finance facility extended to the Pakistan LNG Limited (PHL) by the Oil and Gas Development Company Limited (OGDCL). It was decided that OGDCL would clear its liabilities towards the Government of Pakistan from the funds received through this arrangement.

The meeting was attended by Minister for Industries & Production Rana Tanveer Hussain, Minister for Petroleum Musadik Masood Malik, Minister for Power Sardar Awais Ahmad Khan Leghari, Minister of State for Finance & Revenue Ali Pervez Malik, Federal Secretaries, and other senior officials from the relevant ministries.