15-day extension given to sugar exporters

KARACHI: The State Bank of Pakistan (SBP) has asked all banks to facilitate the sugar exports for another 15 days as per the federal cabinet’s approval.
“The federal cabinet has approved a 15-day extension in the 45 days already allowed for shipment of sugar export consignment,” said a circular issued by the SBP on Friday.
For other provinces, the extension period will commence from the quota allocation date by the Provincial Cane Commissioner, it said.
For the unutilised ex­port quota of sugar mills from Punjab, the 15-day extension is effective from the date of issuance of this cabinet decision.
The above extension in the shipment period will not apply to sugar mills, which have failed to use export proceeds to clear outstanding dues to growers.
Published in Dawn, September 7th, 2024