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India to limit sugar exports to meet domestic demand

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NEW DELHI -- India is restricting its sugar exports to 10 million tons in the current season to help maintain domestic availability and keep prices stable. The decision follows a similar measure for wheat and comes amid signs of tightening world supplies. India is the second-largest producer, after Brazil, and biggest consumer of sugar in the world, according to the All India Sugar Trade Association. It's the second-largest exporter of sugar. The export curbs are its first in six years. India exported a record 7 million metric tons in the 2021-22 financial year, which ended in March. That was up from 620,000 tons in 2017-18. Estimates vary but the country is expected to produce more than 30 million tons in this growing season, and domestic consumption is estimated at about 28 million tons, with domestic reserves at roughly 8 million tons. In the current June-October sugar season, contracts for export of about 9 million tons have been signed and 7.8 million tons were already export...
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Sri Lanka's prime minister tackles thorny finances, economy

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COLOMBO, Sri Lanka -- Sri Lanka’s new Prime Minister Ranil Wickremesinghe has been sworn in as finance minister as this Indian ocean island nation confronts its worst economic crisis in memory. President Gotabaya Rajapaksa named Wickremesinghe minister of Finance, Economic Stability and National Policies in an apparent bid to regain Sri Lanka’s credibility as the government negotiates a bailout package with the International Monetary Fund. Sri Lankans have been enduring shortages of food and fuel, power outages and other privations. The country lacks the financial wherewithal to buy imported necessities and pay its debts, and the economic crisis has fueled political turmoil, with protesters demanding Rajapaksa’s resignation. Wickremesinghe's appointment followed a government announcement that Sri Lanka was hiring two international firms to restructure its $51 billion external debt. Lazard of France will provide financial advice and Clifford Chance LLP will assist with legal help ...
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