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ISLAMABAD: Economic Coordination Committee at its meeting in Islamabad today chaired by Finance Minister Shaukat Tarin allowed the Ministry of Industries and Production to build strategic reserves of sugar to avoid price variation and hike in its prices in the future.
The federal government will purchase 0.30 million metric ton sugar and provincial governments of Punjab and Sindh will purchase 0.20 million metric ton of sugar for strategic reserves from sugar mills in the current crop year when the prices are lower in the local market.
The Economic Coordination Committee allowed the continuation of un-targeted subsidy on five essential commodities including Atta, Ghee, Sugar, Rice and Pulses at the Utility Stores by end of next month.
On another summary presented by the Ministry of Industries and Production regarding the continuation of un-targeted subsidy on five essential commodities i.e Atta, Ghee, Sugar, Rice and Pulses, the ECC after discussion allowed the continuation of subsidy on five essential items for the period from 24 to 28 of February 2022 and for the month of March 2022.
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Further, the chair directed the Utility Stores Corporation to seek the guidance of Ministry of Law and Justice on the continuation of subsidy on these items for the initial 23 days of February.
The ECC after discussion approved Supplementary/Technical Supplementary Grants which included Rs. 684.00 million ($ 3,708,323.00) in favour of the Ministry of Economic Affairs as the first installment/mobilization advance against the disbursement schedule provided by NADRA for the FY 2021-22.
