In a bid to regulate prices, ECC places ban on exporting sugar

ISLAMABAD: The Economic Coordination Committee (ECC) banned the export of sugar on Monday in a bid to regulate its price in the country.

The decision was taken during a meeting of the committee chaired by Adviser to the Prime Minister on Finance Dr Abdul Hafeez Shaikh. The ECC also decided against a recommendation to import sugar.

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The Ministry of Industries and Production has been directed to keep a close eye on sugar prices across the country. Directives were issued to relevant authorities to take stern action against people found guilty of hoarding sugar.

Another decision taken during the meeting was that if the Ministry of Industries and Production felt the need to import sugar at any stage, then a fresh summary in this regard will be issued to the ECC.

The ECC’s decision to ban sugar export comes at a time when the sugar crisis occurred in Pakistan on the heels of the wheat flour crisis. Sugar crisis started skyrocketing a few days after a wheat price hike across the country prompted an investigation into the matter by the government.

PM Imran Khan has promised to take stern action against those found involved in smuggling and hoarding sugar and wheat.