ISLAMABAD - The Economic Coordination Committee (ECC) of the Cabinet on Wednesday approved to import urea and wheat for maintaining buffer stock to avoid its shortage and to control its prices in the country.

Federal Minister for Finance and Revenue Miftah Ismail presided over the meeting of the ECC. Ministry of National Food Security and Research tabled a summary on urgent advice relating to award of 3rd International Wheat Tender 2022 opened on 18th July, 2022. The ECC after discussion approved the lowest bid offered by M/s Vittera B.V / Marine International @ US$ 404.86/ MT for 120,000 MT on CFR bulk at sight L/C basis. Further TCP was allowed to match the tender quantity of 300,000 MT.

Ministry of Industries and Production submitted a summary seeking authorization to TCP for signing agreement with Chinese firms for import of 200,000 MT Urea from M/s Sinochem Fertilizer and M/s CNAMPGC at negotiated rate of US$ 500/MT (FoB) on 90 days deferred payment with markup basis. The ECC approved the summary subject to discussion and decision in the Cabinet regarding allocation of Rs. 22 billion for this import with US$ 100 million as exchange cover, which has not been allocated into the budget 2022-23.

Addressing a press conference, Finance Minister said that the government has decided to import additional 300,000 MT of wheat. He further said that the government had already imported 500,000MT wheat to keep buffer stock in the country to avoid increase in commodity prices. He informed that the government is negotiating with Russia for import of wheat on G2G (Government to Government) basis.

He informed that the government has also decided to import urea to meet the domestic needs. The agriculture sector is showing healthy growth.

Ministry of Energy (Power Division) presented a summary on tariff rationalization for power sector and submitted that in accordance with the National Electricity Policy 2021, the government may maintain a uniform consumer–end tariff for K-Electric and state-owned distribution companies through incorporation of direct/indirect subsidies. Accordingly, KE applicable uniform variable charge is required to be modified to maintain the uniform tariff across the country. The ECC approved same Tariff rationalization for K-Electric as the rest of the country.

Ministry of Energy (Petroleum Division) tabled a summary on rate of Petroleum Levy on Liquefied Petroleum Gas(LPG). The ECC returned back the summary to the Ministry for reconsideration of the proposal.

Federal Minister for Commerce Syed Naveed Qamar, Federal Minister for Power Khurram Dastgir Khan, Federal Minister for Industries and Production Makhdoom Syed Murtaza Mehmood, Minister of State for Finance and Revenue Dr. Aisha Ghous Pasha, Minister of State for Petroleum Musadik Masood Malik, Coordinator to the PM on economy, Bilal Azhar Kayani, Coordinator to PM on Commerce & Industry, Rana Ihsan Afzal, Federal Secretaries and senior officers attended the meeting.