The Eco-nomic Co-ordination Committee of the Cabinet has decided to reduce the price of sugar by Rs 5 per kg at Utility Store Corporation of Pakistan; and it extended the period for export of sugar up to February 28. Finance Minister Ishaq Dar said at a news conference here on Wednesday that the ECC also expressed satisfaction over the current stock of sugar in the country.
The ECC was informed that the decision was taken due to decrease in prices of sugar in the market. The ECC was informed that 99.93 percent of the sugarcane growers had been paid in Punjab, 99.88 percent in Sindh and 100 percent in Khyber Pakhtunkhwa and that due to a bumper crop there was likely to be a surplus position in the country. The ECC on a summary moved by the Ministry of Commerce extended the period of export of 500,000 ton till February 28, 2014.
The ECC directed the Ministry of Commerce to clear 50% of the claims of sugar exporters against inland freight subsidy.
The Minister for Food and Natural Security informed the ECC that there is a bumper production of potatoes in the country and the prices of potatoes have shown a decrease of over 15%. ECC was also informed that the average price of DAP which was Rs 4000/- last year remained Rs 3500/- per bag this year.
On the Revenue side, the Chairman FBR informed the ECC that it had collected Rs 806 billion till November 30, 2013, which was 17.5% more as compared to the corresponding period last year. The ECC granted extension of two weeks to a Committee constituted to draft an Auto Industry Policy.
The meeting was attended by Minister for Information and Broadcasting, Senator Pervez Rashid, Minister of Food and National Security Sikandar Bosan, Minister for Commerce Khurram Dastagir, Minister for Science and Technology, Zahid Hamid, Minister for Science and Technology, Murtaza Jatoi, Minister for Industries, Minister of State for Information Technology Ms. Anusha Rehman and senior government officials.
Source: Recorder Report