Pakistan to import 85,000 tonnes of sugar from Azerbaijan
Pakistan has opened LCs to import 85,000 metric tons of sugar via Azerbaijan’s SOCAR to stabilize prices and prevent shortages. Shipments will arrive in phases, starting within weeks. The sugar, meeting international standards, will be sold at subsidized rates to boost reserves and shield consumers from price hikes.
ISLAMABAD: To prevent potential shortages and stabilize sugar prices, Pakistan has secured letters of credit (LCs) for the import of 85,000 metric tons of sugar through Azerbaijan’s state-owned oil company, SOCAR.
The Ministry of National Food Security and Research announced this in a press statement on Friday. It confirmed that all LCs have been formally opened and transmitted to the relevant banks, with consignments scheduled to arrive in phases. The first shipment is expected to dock at Pakistani ports within weeks under a trade agreement with SOCAR. The initiative aims to bolster domestic reserves, ensure a steady supply in the market, and shield consumers from sudden price hikes.
According to the plan, the imported sugar will be sold in the open market at subsidised rates to provide relief to the public. Authorities stated that the sugar will meet international quality standards and will arrive within the stipulated timelines.
The import is expected not only to strengthen national stockpiles but also to help stabilise market prices in the coming months.
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Source : International The News
