ECC Greenlights Fertilizer and Wheat Imports; Approves Gas Sale Price Adjustment
Islamabad: On Monday, the Economic Coordination Committee (ECC) of the Cabinet granted approval for several key initiatives. These include the revision of natural gas pricing, as well as the immediate import of 200,000 metric tons (MT) of urea fertilizer and 1.00 million metric tons (MMT) of milling wheat for the fiscal year 2023-24. Dr. Shamshad Akhtar, the Caretaker Federal Minister for Finance, Revenue, and Economic Affairs, chaired the meeting, as stated in a press release from the finance ministry.
To address the urea requirements for the Rabi season of 2023-24, the Ministry of Industries and Production submitted a detailed proposal. After extensive deliberation, the ECC approved the urgent import of 200,000 MT of urea fertilizers.
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During the meeting, the committee emphasized the need to ensure a consistent supply of gas to the fertilizer industry. Provinces were urged to take proactive steps in bearing the importation costs. The summary presented by the Ministry of Energy (Petroleum Division) regarding the revision of natural gas sale pricing for FY 2023-24 was approved, effective from November 1, 2023, rather than October 1, 2023, in line with the submitted tariff schedule.
Additionally, the ECC endorsed the summary from 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. This import will be conducted through TCP under an open tendering process, aimed at maintaining strategic reserves.
The committee also gave the green light to a proposal encouraging the private sector to import specific milling wheat, aligning with the Ministry of Finance Notification dated November 14, 2008, while adhering to the criteria outlined in the import policy order of 2022. Furthermore, the ECC instructed the Ministry to conduct a third-party verification of wheat stock in the country.
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Addressing a separate matter, the Earthquake Reconstruction and Rehabilitation Authority (ERRA) submitted a summary seeking approval for a Technical Supplementary Grant of Rs. 484 million. This grant would cover essential expenses such as pay and allowances for 415 contract and project employees from July 2023 onwards. The ECC directed the Ministry of Planning, Development and Special Initiatives to identify sources of savings to finance the salaries of ERRA employees.
Additionally, a summary from the Ministry of Finance regarding the establishment of the National Credit Guarantee Company Limited to support credit enhancement for Small and Medium Enterprises (SMEs) was also given the nod.
The meeting was attended by various caretaker ministers including Minister for Commerce, Industries, & 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 & Petroleum, Muhammad Ali; Minister for IT & Telecom, Dr. Umar Saif; Advisor to PM on Finance, Dr. Waqar Masood; Deputy Chairman Planning Commission, Muhammad Jahanzaib Khan; Chairman SECP, Federal Secretaries, and other senior government officials from relevant ministries.
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