Cabinets Economic Coordination Committee (ECC) has approved the import of 800,000 tons of sugar in the country to counter shortfall and bring down the price of commodity.

A meeting of the Economic Coordination Committee was held under the chairmanship of Federal Finance Minister Abdul Hafeez Sheikh.

According to the sources, during the ECC meeting, it was approved to import 800,000 tons of sugar where 500,000 tons of sugar will be imported by the Pakistan Trade Corporation while rest of the quota to be given to private sector for import of refined sugar. The private sector will be given exemption of taxes on sugar import.

According to the sources, approval of the new 5-year textile policy and the summary of the Road to Mecca project of the Ministry of Religious Affairs during the ECC meeting have been postponed.

During the ECC meeting, the Interior Ministry was approved to offer a supplementary grant to pursue cases in the UK, while the draft foreign investment policy for Pakistanis was approved. As per the new policy, permission to invest up to 10 million rupees overseas should be obtained from SBP.

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