ANNOUNCED AS TEMPORARYNo
The Economic Coordinations Committee of Pakistan has through Case No. ECC-96/19/2017 allowed exports of 500,000 metric tons of sugar. An export quota of 300,000 metric tons announced on 18 July 2017 has been withdrawn, with this state act.
The guidelines, published by the State Bank of Pakistan, provide that the quota will be alloted on a first come first served basis, that at least 15% advance payment or an irrevocable letter of credit is required from the buyer, and that all payments necessarily have to be made through bank wire transfers. Further, the Ministry documents require that post November 2017, in order to be eligible for exports the mills will be required to start crushing at full capacity throughout the crushing season.
The inception date for this state act has been set as the date the State Bank has published the conditions for processing applications.
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