Government approves import of up to 500,000 MT of sugar to stabilize domestic market,
To control rising sugar prices and ensure ample supply in the local market, the federal government has approved the import of up to 500,000 metric tons of sugar.
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| Government green-lighted the import of 500,000 MT of sugar to ease pressure on the local market. |
Decision was taken at a high-level meeting of the Economic Coordination Committee (ECC) chaired by the Finance Minister. The approval comes as part of efforts to curb inflation and meet domestic demand, especially ahead of the upcoming festive and peak consumption seasons.
According to officials, the imported sugar will be released in phases according to market conditions and needs. The Trading Corporation of Pakistan (TCP) will oversee the procurement and distribution process in collaboration with the provincial governments.
Ministry of Industry and Production highlighted that domestic sugar production did not meet national needs this year, which increased the need for imports. Moreover, international sugar prices remain favorable, making this a timely decision to purchase in large quantities.
Consumers are expecting relief.
Market analysts believe that the import clearance will provide relief to consumers who have been facing rising sugar prices for the past few months. Sugar prices have crossed Rs. 160 per kg in some urban areas, raising concerns among households and traders alike.
Decision has also received support from the Pakistan Business Council (PBC) and consumer rights organizations, who called it a “positive step towards economic stability and food security.
Sugar mills' response
Meanwhile, representatives of local sugar mills have expressed concern over the impact of imports on local production and prices. However, government officials assured that imports will only be used to meet the shortage and will not disrupt domestic operations.
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