ECC okays 40,000 mt sugar export to Tajikistan, approves 8 Women’s Centers in tribal areas

The Economic Coordination Committee (ECC) of the Cabinet Friday approved the export of 40,000 metric tons of sugar to Tajikistan, reported 24NewsHD TV channel.

The ECC meeting held under the chairmanship of Finance Minister Muhammad Aurangzeb also approved the export of an additional 100,000 metric tons of sugar from the country's surplus stock, delegating the responsibility for these exports to the Trading Corporation of Pakistan (TCP).

According to the Ministry of Finance, the country currently has abundant sugar reserves, enough to last until January 2025. Since July, domestic sugar prices have been steadily declining, providing relief to consumers, it added.

In another key decision, the ECC approved a technical supplementary grant of Rs 456 million for establishing eight women's centers in the tribal areas of Pakistan.

Meanwhile, Finance Minister Muhammad Aurangzeb provided a detailed overview of Pakistan's current economic situation, emphasizing the nation's significant strides toward financial stability.

He noted that the Pakistani rupee has stabilized, while the country’s foreign exchange reserves have reached their highest level in 26 months, largely due to steady remittances from overseas Pakistanis.

The Minister also pointed out that Pakistan’s IT exports have now stabilized at $300 million per month, signaling positive growth in the export sector.

“Roshan Digital Accounts continue to attract strong investments, with $165 million received in the previous month alone.”

In terms of inflation, Minister Aurangzeb reported a substantial reduction, with inflation now in single digits.

The minister expressed optimism that this trend would continue in September. Additionally, the current account deficit has been brought under control, with a surplus of $75 million recorded in August.

“This surplus reflects increasing stability in the external sector, aided by declining oil prices, a stable dollar, and falling interest rates,” he added.

 Aurangzeb also addressed the government’s fiscal policies, emphasizing that the rejection of all Treasury bill bids signals that the government is not desperate for borrowing. He reassured that future borrowing will be done on favorable terms.

 Looking forward, the Minister expressed optimism regarding Pakistan's ongoing negotiations with the International Monetary Fund (IMF), noting that positive news is expected by September 25.

He stressed that the government remains committed to maintaining macroeconomic stability, which is essential for achieving microeconomic improvements.