The federal cabinet has given the green light for the export of 150,000 metric tonnes of sugar. Additionally, it has decided to dissolve the boards of nine government electricity distribution companies (DISCOs).
According to the sources, the export will be subject to no increase in the price of sugar in the local market and the export will be stopped if the price of sugar in the local market increases.
The Cabinet Committee will monitor the price of sugar while the quota for the export of sugar will be distributed among the provinces based on the installed sugarcane crushing capacity.
A maximum 61% quota of sugar exports will be allocated to Punjab, 32% will be allocated to Sindh and 7% to Khyber Pakhtunkhwa (KP).
The sugar export quota will be distributed by the cane commissioners of the provinces.
The federal and provincial governments will not provide any subsidies for the export of sugar and the recovery amount will be received through banking channels within 60 days of opening the advance or LC.
The sources said the federal cabinet has also approved the dissolution of the boards of nine government electricity distribution companies and new boards of LESCO, FESCO, MEPCO, GEPCO, IESCO, PESCO, QESCO, TESCO, and HAZECO will be formed.
Government sources said the performance of independent directors in electricity companies is unsatisfactory. It has been decided to replace independent directors with professionals in electricity distribution companies.
The federal government introduced an ordinance related to the removal of board members and the legal obstacles to the dissolution of the boards.
Reporter: Awais Kiyani