Sugar: a game of billions

ISLAMABAD – The Sugar Advisory Board, chaired by Minister for National Food Security Rana Tanveer Hussain, approved the import of 500,000 tons of sugar during a meeting on Monday.
According to an official statement, formal procedures for the sugar import will be finalized in the coming days, pending approval from the Economic Coordination Committee (ECC) of the Cabinet—chaired by the Finance Minister—and subsequently, the Federal Cabinet.
Deputy Prime Minister and Foreign Minister Ishaq Dar, who is overseeing the sugar crisis, has already given the go-ahead for the import of 0.5 million tons. However, the final landed cost of the sugar remains uncertain due to regional tensions, particularly the ongoing conflict between Iran and Israel.
“Importing sugar was an unavoidable decision to stabilize prices, as the country is currently facing a supply shortage,” an official quoted Minister Rana Tanveer Hussain as saying. The imported sugar is expected to enter the domestic market soon to provide relief to consumers.
The statement further noted that arbitrary price hikes by sugar mill owners have been identified as a major contributing factor to the current crisis.
“Immediate steps are being taken to address the shortage. A decision has been made to implement strict monitoring to regulate sugar supply and pricing,” the minister added.
Insiders allege that the sugar industry has made billions of rupees through a cycle of exporting sugar at high prices, only to later push for imports—leaving consumers to bear the brunt of the manipulation.