The State Bank of Pakistan (SBP) has received a petition from the Pakistan Sugar Mills Association (PSMA) requesting an extension of the loan repayment deadline for a total of PKR 200 billion.
The PSMA stated in a letter to SBP Governor Jameel Ahmed that their inability to pay farmers and banks was primarily due to the federal government’s refusal to authorize the export of surplus sugar.
The letter emphasized that, compared to the nation’s yearly sugar consumption of 6 million metric tons, sugar mills had 7.5 million metric tons of sugar stock left over after the 2023–24 crushing season.
