ISLAMABAD — The Competition Commission of Pakistan (CCP) has informed the Finance Minister that the government allowed sugar exports based on inaccurate data, leading to a significant drop in sugar stocks.
Dr. Kabir Ahmed Sidhu, CCP Chairman, told Finance Minister Muhammad Aurangzeb that the export decision relied on misreported estimates from the sugar mills association. He emphasized that future decisions should be based on independent and transparent data to avoid similar crises.
During the briefing, the CCP also reviewed past sugar crises in Pakistan, occurring in 2008, 2015, and 2019. In all these cases, the sugar supply was restricted, which contributed to the problems.
The CCP highlighted that the sugar cartel had faced orders against it in 2010 and 2021, although the 2010 case details remain unpublished.
Finance Minister Muhammad Aurangzeb assured full government support for the early hearing of cartel cases. He also mentioned plans to empower the CCP further to improve its effectiveness in regulating the sugar sector.
Aurangzeb announced that the sugar sector would be fully deregulated, which would increase the CCP’s role in monitoring and investigation. The minister promised to ease the CCP’s access to data from other institutions, facilitating faster and more thorough investigations.
This recent briefing underscores the need for accurate data and transparency to manage Pakistan’s sugar market effectively. The government’s efforts to deregulate the sector and strengthen the CCP aim to prevent future crises and protect consumer interests.
For a detailed analysis of the ongoing tensions and expert perspectives, read more about the Indian expert challenging the Air Chief’s jet-downing claim.
