Prime Minister Shehbaz Sharif On Thursday announced that Pakistan has earned $500 million through the export of surplus sugar. Speaking during a meeting to review the country’s economic situation and digitization reforms at the Federal Board of Revenue (FBR), the PM highlighted the significance of the decision to allow sugar exports, which has brought in valuable foreign exchange, reported Business Recorder.
Earlier in June, the Pakistan Sugar Mills Association (PSMA) proposed that the government allow the export of up to one million tons of refined sugar in the first phase, estimating foreign exchange earnings of $650-700 million. The rest of the surplus, around 600,000 tons, was suggested to be exported in two phases.
Initially, the government approved the export of 150,000 tons, which was later increased in August by another 100,000 tons. Additionally, 40,000 tons were allowed to be exported to Tajikistan through a government-to-government agreement. On October 8, 2024, the government permitted the export of an additional 500,000 tons.
In a recent request, PSMA sought permission to export more sugar, citing an excess of over 1.08 million tons at the start of the new crushing season.
In the same meeting, the Prime Minister emphasized the progress of FBR’s digitization, marking it as a significant step in the government’s broader economic reforms. He underlined the need for a data-driven approach to boost revenue collection and called for improvements in the taxation system. PM Sharif instructed authorities to ensure the timely implementation of the strategies for revenue collection.
He also directed that the key digitization initiatives at FBR be completed by December 31, 2024. According to the PMO, full digitization of FBR’s value chain is expected to be completed by March 2025.
