The Finance Ministry said on Thursday that Pakistan had lifted a ban on sugar exports, which government sources said was aimed at boosting foreign exchange reserves.

The decision was taken by the Economic Coordinating Committee, headed by the Minister of Finance.

The ministry said in a statement that the decision applies to sugar exports in the 2022-2023 financial year. He added that up to 100,000 tons of sugar would be allowed to be exported, and that the Economic Coordinating Committee would review the situation every two weeks.

The Finance Ministry said that sugar prices on the local market would not rise until at least January 31.

Government sources said the move was intended to boost the country’s foreign exchange reserves, which had fallen to $6.7 billion, barely enough to cover a month’s worth of imports.

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