ISLAMABAD: Pakistan’s National Food Security Minister Rana Tanveer Hussain on Monday dismissed reports of sugar price hikes in the country as consumers complained of higher rates of the commodity in Ramadan than the price fixed by the government.
Pakistan’s government capped the sugar price at Rs130 per kilogram, but market rates have remained above Rs180 per kg since January. Prime Minister Shehbaz Sharif this month formed a 10-member committee, led by Deputy PM Ishaq Dar, to negotiate price reduction with the Pakistan Sugar Mills Association (PSMA).
Last week, Dar announced a fixed retail price of Rs164 per kg until April 15, following talks with the PMSA. He also formed a sub-committee under Hussain to find a permanent solution to the issue and explore a possible two-tier pricing mechanism, ensuring that the public pays less while the industry pays more for sugar. The committee has been tasked with submitting its report by mid-April.
“The media is reporting that the price of sugar in the market is Rs180 ($0.64) per kilogram, which is not true as there is no such situation,” Hussain told reporters in Islamabad.
“Under no circumstances will the retail price be allowed to exceed Rs164 per kilogram and the ex-mill price will not go beyond Rs159 per kilogram.”
The PSMA has set up stalls across the country during the holy fasting month of Ramadan, where sugar is being sold at Rs130 per kilogram, according to the minister. It is available at Rs153 per kilogram at the government-run Utility Stores.
Hussain warned of strict action to ensure fair pricing of the commodity.
“The federal government, in cooperation with provincial authorities, will take firm action against anyone attempting to inflate sugar prices,” he said.
Sohail Shehzad, the secretary-general of the PSMA Punjab chapter, said the millers were providing sugar at the price fixed by the government, though issues might persist in areas where fresh supply had not yet arrived.
“As directed by the Government, the sugar industry is charging ex-mill prices as per the benchmark of Rs154 to Rs159,” he told Arab News.
“Retail rates have also come down to almost Rs164 with few exceptions of far-flung areas where fresh supplies on new rates have not yet reached.”
Arab News spoke with customers at various markets in the federal capital of Islamabad, who confirmed buying sugar at Rs180 per kilogram, Rs16 above the government price.
“I do not understand how the government claims the retail price of sugar is fixed at Rs164 per kilogram, when I am still buying it for Rs180,” Muhammad Javed, an electrician, told Arab News, holding a bag of groceries in his hands.
“No shop in my area is selling it at the official price and there is no proper enforcement.”
He lamented that the authorities announce price caps, but retailers keep charging whatever they want.
“If the government is serious about controlling prices, they need to ensure availability at the fixed rate, not just make statements,” Javed said.
Sumeera Ramzan, another consumer, said the government had made the price announcement and assumed the issue would be resolved, while sugar continued to be sold at Rs180 per kg in the market.
“As a housewife, managing the household budget is becoming increasingly difficult with these rising prices,” she told Arab News.
Shehbaz Rana, a journalist covering economic issues, said the crisis stemmed from the government’s decision to allow the export of 750,000 metric tons of sugar last year, along with nearly 50,000 metric tons sent to a Central Asian country under a government-to-government agreement.
“In total, around 800,000 metric tons of sugar were allowed for export and as a result, sugar mills profited from the international market, selling at higher prices,” he told Arab News.
Rana said the government lacks an effective mechanism to control market prices.
“Whenever price caps are imposed on any product or commodity, they often have counterproductive effects leading to increased hoarding and speculation,” he said, adding that the solution lied in holding sugar mills accountable, especially those that were allowed to export but were now failing to maintain agreed prices.
“The government should allow both imports and exports freely, letting market forces regulate the supply.”
But Food Security Minister Hussain said it was “completely incorrect” to suggest that sugar prices increased due to the government’s decision to allow exports last year.
“In 2023, Pakistan had a sugar stock of 7.6 million metric tons, while domestic consumption was only 6.3 million metric tons,” he said, adding that this left a surplus of approximately 1.5 million metric tons, of which only 700,000 metric tons were exported.
“This export earned Pakistan a valuable foreign exchange of $400 million.”
This year, Hussain said, sugarcane cultivation increased by 2 percent as compared to last year and initial projections indicated that sugar production would be higher, however, sugarcane yields remained lower than expected due to the impact of climate change and as a result, sugar production stood at 6 million metric tons this year.
“However, with a carryover stock of around 500,000 metric tons from last year, the total available stock is 6.5 million metric tons — still more than the country’s consumption needs,” he said, reiterating there was no sugar shortage and rather, the country had a surplus.
“We will not tolerate this misinformation campaign as there is no pressure on the sugar market, nor are prices as high as some claim,” he said, adding that the government was committed to ensuring price stability and preventing any artificial inflation.
Pakistan government denies sugar price hikes as consumers complain of higher rates in Ramadan
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Pakistan government denies sugar price hikes as consumers complain of higher rates in Ramadan
- Islamabad last week announced a fixed price of Rs164 per kg until April 15, but consumers say they have been paying as high as Rs180 per kg
- Analysts believe the current sugar price crisis stems from the government’s decision to allow export of 800,000 tons of sugar last year
Pakistan, Sri Lanka, Bangladesh sign ‘landmark’ agreement to strengthen capital market cooperation
- Initiative aims to create new opportunities for investors and market participants across the region, PSX says
- MoU establishes formal platform for dialogue and joint initiatives, with working groups to implement cooperation framework
KARACHI: The Pakistan Stock Exchange (PSX) has entered into a tripartite Memorandum of Understanding (MoU) with the Colombo Stock Exchange (CSE) and the Dhaka Stock Exchange (DSE), PSX said on Thursday, describing it as a “landmark move” to strengthen regional capital market cooperation.
The agreement signed in Colombo aims to establish an exchange forum to facilitate technology development and sharing, human resource sharing, product development, regulatory collaboration, investor protection, and knowledge exchange across the three markets.
“This initiative will foster deeper regional cooperation among the three South Asian nations while creating new opportunities for investors and market participants across the region,” the PSX said in a statement.
Joint initiatives in system development and digital transformation, cross-exchange training programs and knowledge-sharing initiatives, collaborative development of new financial instruments, harmonization of market oversight and investor protection frameworks, exploration of cross-border listing opportunities to expand investor access and facilitation of broker partnerships and institutional connectivity were listed in the PSX statement as the key areas of collaboration under the MoU.
“This strategic partnership marks a significant step forward in regional market integration. By combining our strengths, these three exchanges can drive innovation, enhance market resilience, and create new opportunities for investors across South Asia,” said Akif Saeed, chairman of the Securities and Exchange Commission of Pakistan (SECP), who was present at the ceremony.
Farrukh H. Sabzwari, MD & CEO of PSX, said the agreement represented a “transformative chapter” in regional capital market cooperation.
“Through this partnership with our counterparts in Colombo and Dhaka, we aim to elevate market standards, foster sustainable growth, and deliver greater value to all market participants,” he added.
The MoU establishes a formal platform for ongoing dialogue and joint initiatives, with working groups to be formed to implement the cooperation framework.
This alliance is expected to enhance market liquidity and product diversity, strengthen regulatory frameworks across the region, facilitate cross-border investment flows and promote technological innovation in market infrastructure, the PSX statement said.
Islamabad criticizes US export restrictions on Pakistani firms, calls them ‘politically motivated’
- The US imposed export restrictions on 70 companies from five countries, including 19 from Pakistan
- Pakistan welcomes US-brokered limited ceasefire between Russia and Ukraine in Saudi Arabia
ISLAMABAD: Pakistan’s foreign office on Thursday criticized the recent United States export restrictions on Pakistani companies, arguing they unfairly targeted the country’s commercial entities without any evidence.
The US Department of Commerce imposed export restrictions this week on 70 companies from Pakistan, Iran, China, the United Arab Emirates and South Africa, saying their “activities were contrary to US national security and foreign policy.”
According to the Bureau of Industry and Security (BIS), the list includes 42 firms from China, 19 from Pakistan, four from the United Arab Emirates, three from South Africa and two from Iran.
Due to these restrictions, US suppliers will be prohibited from sending goods to the sanctioned entities without obtaining a special license.
“The recent imposition of export restrictions by the United States unfairly targets Pakistan’s commercial entities without any evidence whatsoever,” Foreign Office Spokesperson Shafqat Ali Khan told reporters during his weekly media briefing in Islamabad.
“Such biased and politically motivated actions are counterproductive to the objectives of global export controls and obstruct the legitimate access to technology for socio-economic development,” he added.
The spokesperson also commented on the outcome of Russia-Ukraine negotiations, saying Pakistan welcomed the recently agreed limited ceasefire between Russia and Ukraine prohibiting attacks on energy infrastructure and ensuring safe navigation in the Black Sea.
The US had been engaging in diplomatic efforts in Saudi Arabia to mediate between Ukraine and Russia, seeking a peaceful resolution to the three-year-long war through negotiations.
“We appreciate the active engagement of the US administration and its leadership in securing the agreement between Russia and Ukraine,” the spokesperson said, adding Pakistan remained optimistic that the new momentum generated by these initial steps would eventually lead to a comprehensive and permanent ceasefire.
Khan said Pakistan’s position on the Ukraine conflict has been consistent, as it enjoys friendly relations with both Russia and Ukraine.
“We have always advocated dialogue and diplomacy, immediate cessation of hostilities, and peaceful resolution of this conflict,” he added.
Pakistan rejects US congressman’s bill seeking sanctions on army chief
- Calling it a single legislator’s initiative, foreign office says the bill is misaligned with the positive bilateral ties
- Congressman Joe Wilson sought sanction on the army chief this week for ‘undermining democracy’
ISLAMABAD: Pakistan’s foreign office on Thursday dismissed a bill in the US Congress seeking to sanction the country’s powerful army chief, calling it a single legislator’s initiative that did not align with the positive relations between the two countries.
US Congressman Joe Wilson announced earlier this week on Tuesday he had introduced a bill demanding sanctions against General Asim Munir for “undermining democracy” and “persecuting” political opponents, including jailed former Prime Minister Imran Khan.
Wilson shared a report by the American news website, The Hill, on his social media account, which said the legislation called for sanctions on the army chief within 180 days under the Global Magnitsky Human Rights Accountability Act. Violators of the act can be subjected to denial of entry to the United States and ineligibility for US visas.
Responding to the development, Foreign Office Spokesperson Ambassador Shafqat Ali Khan said the initiative did not reflect the US administration’s position.
“We are aware of the bill being introduced in the House of Representatives,” he said. “This is an initiative of a single individual legislator. We believe that the timing and context of the bill does not align well with the current positive dynamics of Pakistan-US bilateral relations based on mutual respect, understanding and non-interference in each other’s affairs.”
He noted the bill would have to go through several committees in the House of Representatives and Senate before its passage.
“We hope that the US Congress will continue its supportive role in strengthening Pakistan-US ties and focus on avenues of mutual collaboration that benefit both our peoples and countries,” Khan continued.
“Pakistan remains committed to constitutionalism, rule of law, protection of human rights and freedom of expression because it considers democracy as a vehicle for prosperity and progress as a nation,” he added.
The spokesperson also said that Special Assistant to the Prime Minister Tariq Fatemi was currently visiting the US, where he had met with the chairman of the US Congressional Committee on Foreign Affairs, the ranking member of the Subcommittee on South Asia and Central Asia on the Foreign Affairs Committee and the co-chair of the Pakistan Caucus.
“During the talks, discussions focused on Pakistan-US bilateral cooperation and economic relations,” he said. “The special assistant briefed the US leadership on government policy, especially the economic priorities.”
Khan said that promoting bilateral relations, particularly in the areas of trade, economy and investment, was among the top priorities of the government.
“Regional and international issues were also discussed during these meetings,” he added.
Pakistan says Syria needs ‘credible political transition,’ condemns Israeli incursions and airstrikes
- After fall of Bashar Assad regime, Israel expanded occupation of Syrian Golan Heights by seizing demilitarized buffer zone
- Israel launched hundreds of airstrikes on military sites and assets across Syria, including fighter jets, missile and air defense systems
ISLAMABAD: Pakistan on Thursday condemned Israel’s “continued and repeated” incursions and airstrikes in Syria, saying durable peace in the Middle Eastern state required a credible political transition and an inclusive government.
Israel capitalized last December on the fall of the long regime of Bashar Assad to bolster its military foothold in Syria. It now controls a 400-square-km demilitarized buffer zone, supports the Druze minority and is opposed to the Syrian leadership.
Syria’s foreign ministry on Tuesday condemned Israeli strikes on the southwestern city of Daraa, which it said had killed and injured civilians. The strikes a day earlier killed at least three people and injured 19 others, the Syrian civil defense group, known as the White Helmets, said.
The Israeli army confirmed the strikes, the latest in a string of attacks targeting Syria’s military infrastructure since rebels toppled Assad. Israel said it targeted military headquarters and sites containing weapons and equipment.
“Israel’s continued and repeated incursions and airstrikes into the Syrian territory, continued violation of 1974 Disengagement of Forces Agreement and its declared intent for an indefinite presence and full demilitarization of Syria are unacceptable, constitute latent violation of Syria’s sovereignty and territorial integrity and undermine international law and regional stability,” the Pakistani foreign office said in a statement.
“A durable peace in Syria hinges on a credible political transition, national unity and reconciliation and inclusive governance.”
The Agreement on Disengagement between Israel and Syria, which was signed on May 31, 1974, provided for the continuation of the ceasefire already in effect and for the separation of opposing parties by a UN Peacekeeping Force.
After the fall of Assad, Ahmed Al-Sharaa, who led anti-regime forces to oust Assad, was declared president for a transitional period in late January. Israel says it will not tolerate what it describes as an Islamist militant presence in southern Syria and has sent its troops into Syria’s border zone.
Syria’s leadership has said it does not intend to open a front against Israel.
Indian fisherman hangs himself in Pakistan prison amid delayed repatriation
- Indian and Pakistani fishermen are frequently detained for straying into each other’s territorial waters
- Jail authorities in Pakistan say Gaurav’s release was delayed due to procedural reasons on Indian side
KARACHI: An Indian fisherman has died by suicide in a Karachi prison, a senior Pakistani jail official said on Wednesday, as the incident highlighted the plight of detainees caught in the tangle of strained India-Pakistan relations.
Indian and Pakistani fishermen are routinely detained by both countries’ maritime agencies for allegedly entering each other’s territorial waters. The poorly defined maritime boundary in the Arabian Sea, coupled with the limited navigational capabilities of many fishing boats, frequently leads to unintentional crossings.
According to Pakistani prison authorities, Gaurav, son of Ram Anand, hanged himself in the prison’s washroom on Tuesday night.
“He went to the washroom under the pretext of urinating and hanged himself with his drawstring,” Qazi Nazeer Ahmed, Inspector General of Prison Police in Pakistan’s Sindh province, told Arab News.
Malir Prison, where Gaurav took his own life, has come under scrutiny in recent years over the deaths of several detainees due to health complications.
Last month, a prisoner named Babu Kana died due to health issues, while in 2023, two Indian fishermen — Balo Jetha and Soma Deva — died after their health deteriorated during incarceration.
Ahmed said Gaurav was apparently suffering from “severe depression,” which pushed him to take the extreme step of ending his life.
“His sentence was completed, but the process from the Indian side [for his release] was not finalized,” he continued. “Fellow prisoners reported that Gaurav’s behavior did not indicate he would commit suicide, but he was depressed.”
Arab News reached out to the Indian High Commission, where officials declined to comment immediately.
Arshad Shah, Superintendent of Malir Jail, said Gaurav had been remanded to the Karachi prison on February 17, 2022.
“The duty doctor examined him before pronouncing him dead,” he told Arab News, adding the body had been handed over to the Edhi Foundation for repatriation.
Human rights activists on both sides of the border have long called for a faster process for the release of fishermen, who commit no crime but mistakenly cross invisible boundaries at sea and end up in jail, while their families suffer back home.
“According to our records, 216 Indian fishermen are still languishing in Pakistani jails, while 81 Pakistani fishermen are imprisoned in India,” Jatin Desai, an Indian rights activist, said, adding hundreds of fishermen remained in prison on both sides of the border.
However, the IG prison maintained Indian nationals were treated well in jail, adding that Pakistani authorities did not delay their release once legal formalities were completed.
“This is why prisoners are regularly released and returned to their country,” he added. “We regret that Gaurav could not reunite with his family back in India.”
