PSMA asks govt to allow sugar exports to earn $1.2b

Pakistan Sugar Mills Association (PSMA) has asked the government to allow sugar exports, which can earn 1.2 billion US dollars in foreign exchange.

A general body meeting of Pakistan Sugar Mills Association (Punjab Zone) was held in which effective measures taken by the government against smuggling of essential commodities were appreciated. The spokesperson said that of sugar which was saved from smuggling can be exported and earn foreign exchange for the country. In a statement, the spokesman said that the IMF is continuously burdening the public in the form of inflation by imposing its terms. If the surplus sugar is exported, the greatest benefit will be transferred to the people, valuable foreign exchange will flow into the country and the government will have to depend less on foreign aid.

The spokesman said that the meeting also discussed the letters written by the sugar industry to the Federal Minister of Finance and the Federal Minister of Commerce. According to the contents of the letters, the domestic sugar industry has achieved surplus production of sugar in the recent crushing season 2023-24. The total available sugar in the current year is 7.5 million metric tons, while the country’s annual consumption is 6.00 million metric tons, which shows that Pakistan has surplus sugar of 1.5 million metric tons, which can earn 1.2 billion US dollars in foreign exchange.