Islamabad, 8 May 2024, (GNP): The Cabinet’s Economic Coordination Committee (ECC) granted permission to raise PASSCO’s wheat procurement goal from 1.40 to 1.80 million metric tons (MMT), alongside increasing the necessary Cash Credit Limit to facilitate the purchase of the additional quantity.
Senator Muhammad Aurangzeb, the Federal Minister for Finance & Revenue, chaired a meeting of the Cabinet’s Economic Coordination Committee (ECC). During the session, the ECC evaluated and endorsed several proposals from different government ministries and divisions.
One of the approved proposals was to raise the wheat procurement target for PASSCO from 1.40 to 1.80 million metric tons (MMT), along with adjusting the necessary Cash Credit Limit to facilitate the purchase of the additional quantity. This approval is expected to bolster PASCCO’s ongoing wheat procurement efforts.
The ECC also green lit the Ministry of Industries & Production’s suggestion to import 200,000 metric tons (MTs) of urea fertilizer to fulfill the needs for Kharif 2024. The ministry was instructed to monitor the demand and supply of urea continuously and propose necessary actions to the ECC promptly.
Additionally, the ECC approved the Ministry of Industries & Production’s request to release salaries for Pakistan Steel Mills (PSM) workers and mandated the ministry to present a comprehensive plan outlining the future utilization of the asset along with timelines.
The ECC also approved the Power Division’s request to release budgeted expenditures to settle the arrears of tariff differential subsidy, amounting to Rs. 70 billion for KE and Rs. 55 billion for AJK, thereby alleviating the liquidity pressures in the power sector.
Furthermore, the ECC reviewed a proposal to empower BISP to allocate funds from its designated budget to finance the Special Relief Package for Daily Wage Workers on the Chaman Border, underscoring the government’s assistance to this vulnerable demographic.
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Additionally, the ECC deliberated on and sanctioned proposals for Technical Supplementary Grants, which encompassed:
1. Rs. 4.8 billion for Pakistan Atomic Energy Commission.
2. Rs. 5.8 billion for the Earthquake Reconstruction & Rehabilitation Authority’s to clear matured liabilities of the contractors.
3. Rs. 3.2 billion to Finance Division as rupee cover for the WB funded Financial Inclusion and Infrastructure Project (FIIP).
4. Rs. 162 million to the Ministry of Housing & Works for Repair and Maintenance of Public Buildings in Islamabad.
5. Rs. 2.2 billion to the Ministry of Interior for the FATA TDP-ERP Project.
The meeting was attended by Minister for Commerce Jam Kamal Khan, Minister for Petroleum Musadik Masood Malik, Minister for Privatization Abdul Aleem Khan, Minister for Industries & Production Rana Tanveer Hussain, Chairman SECP, Deputy Chairman Planning Commission, federal secretaries, and other senior government officials from the respective ministries. Minister for Economic Affairs Ahad Khan Cheema and MD PASSCO participated in the meeting remotely.