ISLAMABAD-The Economic Coordination Committee (ECC) of the Cabinet on Wednesday has approved the import of additional wheat to buffer up stocks till the arrival of fresh crop.
The ECC meeting, which was chaired by Federal Minister for Finance and Revenue Dr. Abdul Hafeez Shaikh, discussed the wheat issue in the country. Ministry for National Food Security and Research presented a detailed summary regarding provision of additional quantities of wheat to KP, AJ&K and Utility Stores Corporations (USC). The additional secretary, M/o NFS&R, gave a detailed presentation regarding availability of wheat stocks across the country. The ECC approved additional wheat allocation of 200,000 MT for KP, 80,000MT for AJ&K, and 220,000MT for USC from PASSCO, as requested. ECC also approved the import of additional wheat to buffer up stocks till the arrival of fresh crop after seeking detailed input from all concerned.
Ministry of Commerce presented a summary regarding removal of additional 2% customs duties on 152 tariff lines, mostly raw material, on horizontal basis under National Tariff Policy 2019-24. The ECC approved the summary with a direction that budget cycle must be observed while planning important incentives for businesses & industries for smooth planning and subsequent implementation during the financial year.
“Our policy regarding reducing Customs Duties on raw material is certainly showing results. In line with this policy, in yesterday’s ECC meeting, additional Customs Duty has been removed on 152 tariff lines in mainly the chemical sector,” said Adviser to the Prime Minister on Commerce and Investment Abdul Razak Dawood on twitter. He further said that this will be one more step in making our chemical industry more competitive for both local market as well as exports. “These tariff reductions were done after extensive consultations with the stakeholders and I hope its benefits will start showing results,” he added.
Ministry of Maritime Affairs tabled a summary for awarding contract regarding infrastructure facilities, sewerage system and water supply system in Gulshan-e-Benazir Township Scheme (GBTS) at Port Qasim Authority, Karachi. The ECC approved the projects in conformity with the PQA Act-1973, in principle, and directed Ministry of Maritime Affairs to settle the modalities for the award of contracts as per rules. The summaries related to the Textile and Apparel Policy (2020-25) and National Freight and Logistics Policy (NFLP) were deferred to next ECC for comprehensive consultation process with key stakeholders.
The ECC has approved the following Technical Supplementary Grants (TSG) during the meeting including Rs. 30 million for the Ministry of Defence for the purchase of spare parts for helicopters for the government of Khyber Pakhtunkhwa (KPK). It has also approved TSG worth of Rs. 400.020 million for the Ministry of Law and Justice to establish additional courts in compliance with the orders of the Supreme Court. The ECC has approved TSG Rs. 2.268 billion for the Higher Education Commission for completion of various Disbursement linked Indicators (DLIs) under the IDA credit facility.
Federal Minister for Interior Sheikh Rasheed Ahmed, Minister for Privatization Mohammad Mian Soomro, Minister for Planning, Development and Special Initiatives Asad Umar, Minister for Industries and Production Hammad Azhar, Adviser to the PM on Commerce Abdul Razak Dawood, SAPM on Revenue Dr. Waqar Masood, SAPM on Petroleum Nadeem Babar and Minister for National Food Security and Research Syed Fakhar Imam participated in the meeting. Governor State Bank of Pakistan Reza Baqir also participated through video link.