ECC approves immediate release of 25,000 MTs of wheat to GB

ISLAMABAD-The Economic Coordination Committee (ECC) of the Cabinet on Tuesday approved immediate release of 25,000 MTs of wheat to Gilgit-Baltistan for the months of March and April, 2023 to avoid shortage of wheat in the region, especially during the holy month of Ramazan.
Federal Finance and Revenue Minister Senator Muhammad Ishaq Dar presided over the meeting of the Economic Coordination Committee (ECC) of the Cabinet. Ministry of Energy (Petroleum Division) submitted a summary on credit facility from Kuwait and presented that the Government of Pakistan is utilising a credit facility extended by Kuwait Petroleum Corporation (KPC) against supply of Diesel Oil under the term contract with PSO since 2000 and the term contract is extended every year. PSO deposits rupee equivalent with NBP after 30 days from the bill of lading date of each shipment and NBP transfers the cargo cost to KPC, Kuwait. In the current situation, this account has witnessed huge exchange losses due to upheaval in the Rupee-dollar parity during the last 12 months. The GoP is committed to cover these exchange losses. Considering the above situation, the ECC approved an immediate technical supplementary grant of Rs27 billion for Kuwait Petroleum Company.
The ECC considered a summary of Ministry of Kashmir Affairs and Gilgit-Baltistan on Wheat supply to Gilgit-Baltistan and approved immediate release of 25,000 MTs to GB. Keeping in view current wheat price, the ECC granted additional amount of Rs2.9 billion through Technical Supplementary Grant to meet urgent requirement of Gilgit-Baltistan. The ECC further directed Ministry of KA&GB to submit a comprehensive plan for price rationalisation in consultation with concerned stakeholders for consideration of the ECC within 30 days. Federal Power Minister Mr Khurram Dastgir Khan, Federal Industries and Production Minister Syed Murtaza Mahmud, Minister of State for Petroleum Mr Musadik Masood Malik, SAPM on Finance Mr Tariq Bajwa, SAPM on Revenue Mr Tariq Mehmood Pasha, federal secretaries and other senior officers attended the meeting. 
Meanwhile, Federal Finance and Revenue Minister Senator Mohammad Ishaq Dar held a meeting with Resident Representative, UNDP, Mr Knut Ostby and his team at Finance Division. The UNDP team briefed the finance minister on the ongoing institutional arrangements being made by UNDP regarding the climate resilient Pakistan rehabilitation and recovery plan of action in flood-affected areas. The UNDP team further extended support to the government in mobilising financing for development in flood-affected areas and technical expertise for mobilising SDG investments and climate financing for development. 
Finance Minister Senator Muhammad Ishaq Dar welcomed the UNDP team and appreciated UNDP for being a great partner in taking flood relief measures in Pakistan and welcomed the financial proposals for unlocking Geneva pledges. The finance minister also appreciated the key role of UNDP as development partner in achieving the Sustainable Development Goals (SDGs). He reiterated the commitment of government of Pakistan on achievement of SDGs.

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