MM News

ISLAMABAD: The Economic Coordination Committee (ECC) of the cabinet approved Rs.5552.049 million Technical Supplementary Grants (TSG) for various ministries and divisions.

A meeting of the cabinet committee chaired by Federal Minister for Finance and Revenue Hammad Azhar approved an amount of Rs.2 billion for Prime Minister’s Low Cost Housing Scheme.

It also approved Rs.450 million for construction of new building of Supreme Court, Branch Registry at Karachi and Rs 1.2 billion for Pakistan Atomic Energy Commission.

The committee also approved Rs 630.808 million for the Federal Ministry of Education and Professional Training for the establishment and operation of basic education community schools.

The committee also approved Rs.370.762 million for the Ministry of Federal Education and Professional Training for meeting expenditure related to various educational institutions. It approved Rs 600 million for 3,000 Allama Muhammad Iqbal scholarships to students from Afghanistan and Rs 128.7 million for the Ministry of Housing and Works for execution of development Schemes in the Sindh Province.

Likewise, Rs.22.59 million grant was approved for the Ministry of National Food Security and Research for making payments pending under wheat freight subsidy scheme 2016-17.

It also approve Rs.49.189 million for the Privatization Commission for meeting various operational expenses; Rs.50 million to the Ministry of Energy for execution of gas development schemes in the Sindh and Rs 50 million to HEC for payment of educational expense of 90 Afghan students.

Meanwhile, the committee ECC approved the revision of Minimum Support Price (MSP) of wheat crop 2020-21 at the rate of Rs.1800 per 40 Kg. The Committee also approved the wheat procurement targets of PASSCO and Provincial Food Departments, in addition to allowing import of 3 MMT of wheat through Trading Corporation of Pakistan to meet the requirements of local consumers and build strategic reserves.

ECC allowed the commercial import of white sugar from India up to 500,000 MT till 30-6-2021 through land and sea routes, on the basis of quota issued by the Ministry of Commerce. The decision would be time and cost effective and would also stabilize the prices of sugar in the domestic markets.

ECC also approved the registration of Pink Rock Salt as Geographical Indications (GI) with Pakistan Mineral Development Corporation (PMDC). This would promote and enhance national and international trade, stimulate global demand and attract premium price for Pakistan.

ECC also considered and approved the summary presented by the Ministry of Commerce regarding amendment in Export Policy Order 2020 to waive the condition of Minimum Export Price for single-use surgical instruments.

In order to boost the value-added exports in the textile sector, the ECC allowed the import of cotton and cotton yarn from India to bridge the gap between demand and supply of the raw materials required to maintain the surge of exports especially in the textile sector.

The import would be allowed through land and sea routes till June 30th 2021, until the arrival of the new cotton crop.

The ECC deferred the decision on Strategic Trade Policy Framework (STPF) 2020-25. However, it approved the formation of the National Export Development Board (NEDB) to facilitate economic outreach initiatives.