AVN Report
ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet recently endorsed several proposals, including the revision of natural gas pricing, immediate imports of 200,000 metric tons of urea fertilizer, and 1.00 million metric tons of milling wheat for the fiscal year 2023-24.
Dr Shamshad Akhtar, the Caretaker Federal Minister for Finance, Revenue, and Economic Affairs, presided over the session, as stated in a press release by the Ministry of Finance.
The Ministry of Industries and Production presented a summary addressing the urea requirements for the Rabi season of 2023-24. The ECC deliberated on the proposal at length and sanctioned the immediate import of 200,000 metric tons of urea fertilizer.
The committee also stressed the need to ensure an uninterrupted supply of gas to the fertilizer industry and directed the provinces to take proactive measures to share the importation costs.
A summary submitted by the Ministry of Energy (Petroleum Division) concerning the revision of natural gas sale pricing for the fiscal year 2023-24 was also approved, in accordance with the tariff schedule presented by the ministry, with effect from November 1, 2023, as opposed to the previous date of October 1, 2023.
Additionally, the ECC gave the green light to a proposal submitted by the Ministry of National Food Security and Research for the cost-effective import of 1.00 million metric tons of milling wheat for the year 2023-24 through the Trading Corporation of Pakistan (TCP) via an open tendering process to maintain strategic reserves.
The ECC also approved a proposal to encourage the private sector to import specified milling wheat, following the criteria outlined in the Import Policy Order 2022, directing the ministry to conduct a third-party verification of wheat stock in the country.
The ECC deliberated on a summary submitted by the Earthquake Reconstruction and Rehabilitation Authority (ERRA) seeking approval for a Technical Supplementary Grant of Rs 484 million to cover the pay and allowances of 415 contract and project employees from July 2023 onwards.
The ECC instructed the Ministry of Planning, Development, and Special Initiatives to identify sources of savings to finance the salaries of ERRA employees.
Furthermore, the ECC granted approval to a Ministry of Finance proposal for the establishment of the National Credit Guarantee Company Limited, aimed at supporting the credit enhancement of Small and Medium Enterprises (SMEs).
The meeting was attended by various caretaker ministers, including Minister for Commerce, Industries, and Production, Gohar Ijaz; Minister for Communications, Railways, and Maritime Affairs, Shahid Ashraf Tarar; Minister of Planning, Development, and Special Initiatives, Sami Saeed; Minister for Power and Petroleum, Muhammad Ali; Minister for IT and Telecom, Dr. Umar Saif; Advisor to the Prime Minister on Finance, Dr. Waqar Masood; Deputy Chairman of the Planning Commission, Muhammad Jahanzaib Khan; Chairman of the SECP, federal secretaries, and other senior government officials from relevant ministries.
