Islamabad, October 23, 2023: The Economic Coordination Committee (ECC) on Monday discussed the proposal in detail and approved immediate import of 200,000 MT of Urea fertilizers.
The Federal Minister for Finance, Revenue, and Economic Affairs, Dr. Shamshad Akhtar presided over a meeting of the Economic Coordination Committee (ECC) of the Cabinet.
The Ministry of Industries and Production submitted a summary regarding the measures to meet the requirements of urea for Rabi season 2023-24.
The ECC discussed the proposal in detail and approved immediate import of 200,000 MT of Urea fertilizers.
The meeting also directed that uninterrupted supply of gas for the fertilizer industry to be ensured. It was also decided that the provinces will be asked to act more proactively to bear the importation cost.
A summary submitted by the Ministry of Energy (Petroleum Division) regarding the revision of the natural gas sale pricing for the FY 2023-24, was also considered by the forum.
The ECC, after detailed discussion and deliberation, approved the summary as per the tariff schedule submitted by the Ministry, prospectively w.e.f. 1st November, 2023, instead of 1st October, 2023.
The ECC also discussed and approved the summary submitted by the Ministry of National Food Security and Research regarding the cost efficient import of 1.00 MMT of milling wheat for the year 2023-24, through TCP under through open tendering process, to maintain the strategic reserves.
The ECC further approved the proposal for encouraging the private sector to import specified milling wheat under Ministry of Finance Notification of 14th November 2008, while meeting the criteria envisaged in the import policy order 2022. The ECC also directed the Ministry to conduct a third party verification of the wheat stock in the country.
The meeting also deliberated over a summary submitted by the Earthquake Reconstruction and Rehabilitation Authority (ERRA) for approval of the Technical supplementary Grant of Rs. 484 Million to meet critical expenditure on pay and allowances of 415 contract and project employees from July 2023 onwards.
The ECC directed the Ministry of Planning, Development and Special Initiatives to identify the savings to finance the salaries of the ERRA employees.
