ECC directs Ministry of NFSR to accelerate efforts for wheat imports

ISLAMABAD: The Economic Coordination Committee (ECC) has directed the Ministry of National Food Security and Research to accelerate efforts for wheat imports.

Adviser to Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh chaired the meeting of the ECC at the Prime Minister’s office where the decision was made to ensure the availability of wheat and flour in the country throughout the year on affordable prices.

ECC said Ministry of NFSR should hold meeting with major wheat importers and come up with proposals that may indicate the expected price of imported wheat, and whether there is any need for the government to allow subsidy on the product to keep the prices stable in the domestic markets.

Ministry of NFSR briefed the ECC that provincial governments and Pakistan Agricultural Storage and Services Corporation (PASSCO) have already achieved 79% of their procurement targets. More than 120 importers have so far shown interest to import wheat in the country.

ECC directed to extend requested facilitation to the importers including waivers of different taxes and duties. It was also assigned by the ECC that provincial governments, Trade Corporation of Pakistan and PASSCO may arrange wheat imports as soon as possible to avoid shortages any time during the year.

ECC also allowed Asian Development Bank to issue offshore Pakistan Rupee Linked Bonds for international investors subject to completion of all formalities. The program, according to the recommendation of SBP, shall be restricted to maximum of $200 million. The local currency proceeds of the bonds shall be used for financing long term infrastructure and energy projects in Pakistan.

ECC also allowed Finance Division to release Rs1 billion to SSGCL for undertaking gas supply to localities/ villages falling within 5 kilometre radius gas fields in order to comply with Supreme Court and high court decisions.

ECC allowed equity investment abroad amounting to SAR 22.5 million by Eastern Products Ltd. It approved the increase of limit for investments abroad from $5 million to $10 million beyond which the permission will have to be sought.

For the implementation of the e-office program, ECC directed Ministry of Information Technology and FIA to withdraw complaint against LMKR petroleum company as well as withdrawal of all inquiries by FIA on projects subject to fulfillment of agreement clauses.

Ministry of Planning Development and special initiatives was directed to activate the project on the request of National Information Technology Board (NITB) and provide requisite funds to complete the work.

Five projects of different types of development work in North West Industrial Zone and South West Industrial Zone by Port Qasim Authority with their own funds were approved.