Latest news with #PSMA
Malaysia Sun
5 hours ago
- Business
- Malaysia Sun
IMF raises concerns over Pakistan's sugar subsidy plan, warns of risk to $7 billion loan program
Islamabad [Pakistan], July 15 (ANI): The International Monetary Fund (IMF) has raised serious objections to Pakistan's recent move to provide tax exemptions and subsidies on imported sugar, cautioning that the decision could undermine the ongoing $7 billion loan agreement with the global lender, ARY News reported on Tuesday. Official sources told ARY News that the IMF opposes the federal government's plan to subsidise imported sugar by PKR 55 per kilogram, expected to arrive at a cost of PKR 249 per kg. The IMF dismissed Islamabad's argument that this qualifies as a 'food emergency' response. A key concern is that a large share of the imported sugar is likely to be consumed by industrial users rather than ordinary households, which the IMF views as inconsistent with the public interest and a breach of fiscal discipline. The federal government is now re-evaluating its decision to grant full duty exemptions on the import of 500,000 metric tons of sugar -- a move approved by the federal cabinet without prior consultation with the Ministry of Finance. The Federal Board of Revenue (FBR) waived all duties and taxes on these imports, while the Trading Corporation of Pakistan (TCP) has issued a tender for 300,000 metric tons, with bids closing by July 18. Adding to the controversy, the Pakistan Sugar Mills Association (PSMA) informed the government that local mills have sufficient stock to meet national demand until November. The PSMA claimed it could supply 530,000 tons monthly and criticised the government for imposing a sales tax exceeding PKR 25 per kilogram on locally produced sugar. The IMF's concerns have increased pressure on the government to revisit its sugar import strategy, which now faces objections from both the lender and domestic industry. Amid these developments, the government and the sugar industry reached an agreement to reduce sugar prices, setting a new ex-mill rate of PKR 165 per kilogram, Dawn reported on Monday. The Ministry of National Food Security and Research described this as a 'big relief' for the public. Provincial governments will now be responsible for ensuring sugar availability at the reduced price. The ministry had been in talks with the PSMA to assess current supply, pricing trends, and future strategies. Earlier government efforts failed to control market prices, which continued rising to PKR 200 per kilogram, prompting the recent price-cut agreement. The deal followed the federal government's decision to import 350,000 metric tons of sugar, determined based on immediate market needs and expected demand in coming weeks. The imported sugar will be premium quality and meet market standards. TCP will manage the import to ensure transparency, quality control, and government oversight. To support this initiative, all duties and taxes on sugar imports have been removed to make sugar more affordable and reduce inflationary pressures, Dawn reported. (ANI)
Mint
7 hours ago
- Business
- Mint
Setback to Pakistan! IMF opposes sugar subsidy plan, warns of risk to $7 billion loan agreement
Pakistan's recent move to provide tax exemptions and subsidies on imported sugar has received objections from the International Monetary Fund (IMF), which has cautioned that decision could undermine the ongoing $7 billion loan agreement with the global lender. According to ARY News, which cited official sources, the IMF has opposed the federal government's plan to subsidise imported sugar by PKR 55 per kilogram, expected to arrive at a cost of PKR 249 per keg. The IMF dismissed Islamabad's argument that this qualifies as a "food emergency" response. A key concern is that a large share of the imported sugar is likely to be consumed by industrial users rather than ordinary households, which the IMF views as inconsistent with the public interest and a breach of fiscal discipline. The federal government is now re-evaluating its decision to grant full duty exemptions on the import of 500,000 metric tons of sugar – a move approved by the federal cabinet without prior consultation with the Ministry of Finance. The Federal Board of Revenue (FBR) waived all duties and taxes on these imports, while the Trading Corporation of Pakistan (TCP) has issued a tender for 300,000 metric tons, with bids closing by July 18. Adding to the controversy, the Pakistan Sugar Mills Association (PSMA) informed the government that local mills have sufficient stock to meet national demand until November. The PSMA claimed it could supply 530,000 tons monthly and criticised the government for imposing a sales tax exceeding PKR 25 per kilogram on locally produced sugar. The IMF's concerns have increased pressure on the government to revisit its sugar import strategy, which now faces objections from both the lender and domestic industry. Amid these developments, the government and the sugar industry reached an agreement to reduce sugar prices, setting a new ex-mill rate of PKR 165 per kilogram, Dawn reported on Monday. The Ministry of National Food Security and Research described this as a "big relief" for the public. Provincial governments will now be responsible for ensuring sugar availability at the reduced price. The ministry had been in talks with the PSMA to assess current supply, pricing trends, and future strategies. Earlier government efforts failed to control market prices, which continued rising to PKR 200 per kilogram, prompting the recent price-cut agreement. The deal followed the federal government's decision to import 350,000 metric tons of sugar, determined based on immediate market needs and expected demand in coming weeks. The imported sugar will be premium quality and meet market standards. TCP will manage the import to ensure transparency, quality control, and government oversight. To support this initiative, all duties and taxes on sugar imports have been removed to make sugar more affordable and reduce inflationary pressures, Dawn reported.
Business Recorder
10 hours ago
- Business
- Business Recorder
PSMA agreed for ex-mill price of sugar at Rs165/kg, ministry says
The federal government and the Pakistan Sugar Mills Association (PSMA) on Tuesday agreed to enforce an ex-mill price of Rs165 per kilogram in a bid to stabilize sugar prices and ensure uninterrupted availability in the market. The decision was reached during a high-level meeting chaired by Federal Minister for National Food Security & Research, Rana Tanveer Hussain, and attended by PSMA leadership and senior ministry officials. The PSMA assured full cooperation with the government's price control initiative and agreed to supply sugar at the notified ex-mill rate. It was mutually agreed that the impact of this reduction would be visible in the retail market within two to three days. 'The government is fully committed to providing relief to the public,' said Minister Hussain. 'Strict implementation of retail pricing will be ensured and any hoarding or profiteering will not be tolerated.' Pakistan cuts volume sought in sugar tender to 50,000 tons The minister added that a mechanism has been put in place to counter artificial price hikes and ensure continuous sugar supply. He reaffirmed the government's resolve to prioritize public interest and continue close coordination with the sugar industry for sustained price stability.
Business Recorder
11 hours ago
- Business
- Business Recorder
Govt, sugar mills fix ex-mill price of sugar at Rs165/kg
The federal government and the Pakistan Sugar Mills Association (PSMA) on Tuesday agreed to enforce an ex-mill price of Rs165 per kilogram in a bid to stabilize sugar prices and ensure uninterrupted availability in the market. The decision was reached during a high-level meeting chaired by Federal Minister for National Food Security & Research, Rana Tanveer Hussain, and attended by PSMA leadership and senior ministry officials. The PSMA assured full cooperation with the government's price control initiative and agreed to supply sugar at the notified ex-mill rate. It was mutually agreed that the impact of this reduction would be visible in the retail market within two to three days. 'The government is fully committed to providing relief to the public,' said Minister Hussain. 'Strict implementation of retail pricing will be ensured and any hoarding or profiteering will not be tolerated.' Pakistan cuts volume sought in sugar tender to 50,000 tons The minister added that a mechanism has been put in place to counter artificial price hikes and ensure continuous sugar supply. He reaffirmed the government's resolve to prioritize public interest and continue close coordination with the sugar industry for sustained price stability.
Yahoo
6 days ago
- Business
- Yahoo
Telix Pharmaceuticals (TLX) Announces That Gozellix® is Commercially Available
Telix Pharmaceuticals Limited (NASDAQ:TLX) is one of the The research firm stated that Telix Pharmaceuticals Limited (NASDAQ:TLX) is the most diversified, comprehensively positioned, and standalone publicly-traded radiopharmaceuticals company. The firm also cited the commercial-stage portfolio of targeted radiotherapy agents catering to the unmet needs in oncology. The company announced that its next-generation PSMA-PET imaging agent for prostate cancer, Gozellix® (kit for the preparation of gallium-68 (68Ga) gozetotide injection), is commercially available nationally in the US. A robotic arm picking up a product assembly line, displaying the company's consumer healthcare and wellness offerings. Telix Pharmaceuticals Limited (NASDAQ:TLX) highlighted that Gozellix builds on proven diagnostic excellence to offer early and accurate detection of metastases at initial staging, with 90% specificity. Telix Pharmaceuticals Limited (NASDAQ:TLX) remains focused on innovation in PSMA imaging, and Gozellix was the result of this commitment. It provides a new level of flexibility in distribution, production, and scheduling, together with a high standard of service and reliability. Notably, PSMA-PET imaging has been established as the standard of care for staging and identifying biochemical recurrence of prostate cancer. That being said, only a relatively small fraction of 3.4 million men having prostate cancer in the US benefited, mainly due to access and availability challenges. Gozellix's enhanced formulation provides a greater level of patient access as well as convenience via an extended transportation distance and clinical administration window. Telix Pharmaceuticals Limited (NASDAQ:TLX)'s stock has a consensus price objective of $22.92. While we acknowledge the potential of TLX as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: 13 Cheap AI Stocks to Buy According to Analysts and 11 Unstoppable Growth Stocks to Invest in Now Disclosure: None. This article is originally published at Insider Monkey. 擷取數據時發生錯誤 登入存取你的投資組合 擷取數據時發生錯誤 擷取數據時發生錯誤 擷取數據時發生錯誤 擷取數據時發生錯誤
