ECC approves grant of Rs6bn subsidy for USC

ISLAMABAD: Economic Coordination Committee of the federal cabinet has approved grant of Rs6 billion subsidy for Utility Stores Corporation of Pakistan for procurement of essential commodities.

Advisor to Prime Minister on Finance Dr Abdul Hafeez Shaikh chaired the meeting approved the subsidy on a proposal by the Ministry of Industries and Production. These essential items will be available for general public on subsidised rates at Utility Stores to facilitate common people across Pakistan.

The ECC also constituted a committee headed by Adviser to the Prime Minister on Commerce Abdul Razak Dawood to monitor the disbursement of subsidy and provision of commodities at a fair price to the poor segment of the society through a transparent and effective mechanism and report back to the ECC in its next meeting.

ECC also approved reallocation of a technical supplementary grant worth Rs4.05 billion rupees lapsed last year under the Sustainable Development Goals Achievement Programme (SAP).

The re-allocated funds would be to make specific interventions as per demand of of the community across the country in line with the UN Conventions. The ECC also approved a technical supplementary grant of 7.904 billion rupees for operational cost of Anti-Narcotics Force.

It also approved submission of supplementary budget statement amounting to 170.418 billion rupees from the Federal Consolidated Fund for the last financial year 2018-19 to National Assembly.

The ECC approved to a proposal by the Ministry of Interior for a technical supplementary grant amounting to Rs 100 million on making security arrangements in the federal capital in October 2019.

However, the ECC expressed its concern at the manner in which ad hoc arrangements were made which were costly and disruptive for business sector and for perception of the country. The committe asked the capital administration to find a permanent solution to deal with the issue in future.

The ECC approved a proposal by the Finance Division for submission of supplementary budget statement amounting to Rs 170.418 billion from the Federal Consolidated Fund for the financial year 2018-19.

The ECC also took up a proposal by the Ministry of National Food Security and Research for exemption of 5 percent sales tax on cotton seed cake and after a detailed discussion referred the matter to the Finance Division for examination and a report to ECC in its next meeting.