Islamabad : The government has decided to import 85,000 metric tons of sugar to meet the demand for sugar in the country and stabilize Sugar prices in the local market.
In order to meet the demand for sugar in the country and stabilize prices, Letters of Credit (LCs) have been established through SOCAR for the import of 85,000 metric tons of sugar, said a release issued by the Federal Ministry of Food Security here on Friday.
All these LCs have been formally opened and disbursed through the relevant banks and this consignment of sugar will be delivered to Pakistan in phases under the trade agreement signed with SOCAR.
The first consignment is expected to reach the port in the next few weeks and the government has taken this step to increase domestic sugar reserves and prevent any possible shortage or unusual fluctuations in prices in the future.
Under the project, imported sugar will be delivered to the public at concessional rates in the open market.
The import of 85,000 metric tons of sugar will maintain continuity of supply in the market.
It will be ensured that the imported sugar meets the international quality requirements and reaches Pakistan within the stipulated time.
Sohail Majeed is a Special Correspondent at The Diplomatic Insight. He has twelve plus years of experience in journalism & reporting. He covers International Affairs, Diplomacy, UN, Sports, Climate Change, Economy, Technology, and Health.
