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ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet has removed a five percent regulatory duty on the import of cotton yarn to boost value-added exports from the country.
According to a press statement issued by the Finance Ministry today, the approval was given after a detailed discussion on the proposal of the Ministry of Commerce.
The ECC meeting was chaired by Adviser to the Prime Minister on Finance and Revenue, Dr. Abdul Hafeez Shaikh on Wednesday.
During the meeting, the Ministry of Commerce submitted a summary to re-consider the earlier decision, taken by ECC regarding the procedure for registration under the concessionary regime of electricity, RLNG and Gas in export-oriented sectors.
After due consideration, the officials instructed to maintain the status quo with a condition that the Federal Board of Revenue (FBR) would register new manufacturers or exporters in five export-oriented sectors (erstwhile five zero-rated sectors) in coordination with the Ministry of Commerce.
Meanwhile, the Communication Division requested ECC for the conversion of National Highways Authority (NHA) loans into government grant or grant, a waive-off for a much needed fiscal space.
A detailed presentation was made before the forum to remodel NHA as a self-sustaining and performance-based organization.
The authority was also granted a one-month moratorium to work out details and present recommendations regarding the financial viability of NHA before the forum.
The ECC suggested a summary, presented by the Industries and Production Division to approve the release of funds to PSM for payment in lieu of gas supply to SSGC through a Technical Supplementary Grant (TSG).
The ECC approved an allocation of up to 9.5 MMCFD gas from M/s PPL’s Benari X-I discovery to SSGCL. Similarly, the allocation of 10 MMCFD gas from PPL’s Hadaf X-I to SSGCL was also approved during the meeting.
Minister for Maritime Affairs raised the matter of priority berthing for wheat and sugar. The ECC directed the Logistics Committee to ensure the berthing of wheat and sugar vessels on priority, keeping in view, that other imports were not affected.
The ECC also accorded approval for the allocation of additional funds for the maintenance of Islamabad High Court Building and Judges Residences through TSG as requested by the Ministry of Housing and Works.
The agenda item on the Karachi Transformation Plan, presented by the Ministry of Planning, Development and Special Initiatives was deferred to the next ECC meeting for a detailed discussion.
