ISLAMABAD: Awam Pakistan Party leader Miftah Ismail has strongly criticized the government’s sugar policy, alleging that sugar was first exported to create an artificial shortage, then imported at a higher cost and is now being re-exported.
In a statement on social media, Ismail said the government had allowed the export of 750,000 metric tons of sugar last year, which he claimed contributed to a Rs50 per kilogram increase in sugar prices.
He said the government subsequently directed the Trading Corporation of Pakistan (TCP) to import 300,000 tons of sugar. According to Ismail, TCP imported the commodity at $40 per ton above the prevailing price in the Pakistani market.
Ismail alleged that the government then pressured industrialists, chain stores and wholesalers to sell the imported sugar at prices higher than the market rate.
He said TCP was unable to sell all of the sugar held in its stocks and was now attempting to export the imported commodity back to the international market.
“This entire loss is ultimately being borne by the people of Pakistan,” Ismail said.