Pakistan lifts sugar export ban

Pakistan has lifted its ban on sugar exports, the finance ministry said on Thursday, in a move that government sources said was aimed at boosting foreign exchange reserves.

The decision was taken by the Economic Coordination Committee, chaired by the Finance Minister.

A ministry statement said the decision applies to sugar exports during the 2022-2023 fiscal year. He added that up to 100,000 tonnes of sugar would be allowed to be exported and that the Economic Coordination Committee would review the situation every two weeks.

The Finance Ministry said sugar prices in the local market would not rise until at least January 31.

Government sources said the aim of the move was to boost the country’s foreign exchange reserves, which have dropped to $6.7 billion, barely enough to cover a month’s imports.

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