Sugar crisis to further aggravate, warns Chairman APSMA

ISLAMABD: Chairman All Pakistan Sugar Mills Association Sikandar Khan has said it would be very difficult to make Payment to farmers amounting to Rs. 40 billion after decision of State Bank of Pakistan to increase cash margin up to 50 Percent on sugar industry.

While talking to Private TV Channel on Wednesday, he said, sugar industry is facing crisis and it would be further aggravated after the decision taken by State Bank of Pakistan.

The sugar industry is about to complete the crushing Season and it would be very difficult to make payments to growers.

He said the State Bank of Pakistan and the government had a misperception of hoarding of stocks. He said the sugar industry should not be held responsible for non-availability of raw material at the Government’s support Price.

He made it clear the stock of sugar would be ended by end of December while sugar mills has stock of sugar up to 300,00,00 tone which can not be ended in three months.