MM News

ISLAMABAD: The Economic Coordination Committee (ECC) of the federal cabinet on Thursday approved the summary to import 550,000 MT of wheat for the FY2021-22.

Minister for Finance and Revenue Shaukat Tarin presided over the meeting of ECC. The summary was presented by the Ministry of national food security and research for awarding the 5th international tender of wheat.

The committee also approved the summary presented by the Ministry of Interior for Technical Supplementary Grant amounting to Rs 83.3 million for procuring services from NADRA regarding the project for automation of Power of Attorney (POA) for Overseas Pakistanis.

The ECC accorded approval with the direction that the ministry of foreign affairs and the interior ministry might hold a joint consultative session to work out modalities in that regard.

On a summary moved by the Ministry of Industries and Production, the ECC approved a tender for the import of 100,000 MT of urea for building strategic reserves of urea fertilizer during the Rabi season FY 2021-22.

Ministry of Industries and Production tabled a summary regarding the continuation of the Prime Minister’s relief package-2020 for the provision of five essential items on subsidized rates which was scheduled to expire on 30th September 2021. The ECC granted an extension for one month with a direction to present a detailed summary before ECC, keeping in view, international price hike in essential food commodities.

On a summary moved by the Power Division regarding quarterly tariff adjustments of K-Electric, the ECC decided that the Power Division may approach NEPRA to review its earlier decision on the issue and present an updated summary before ECC for consideration.

Power Division tabled another summary regarding levy of Sales Tax on subsidy granted by Federal Government to DISCOs. After seeking input from all concerned, the ECC decided that the matter might be referred to the Law Division for seeking opinion and legal interpretation might be presented before the Committee for further deliberations.

The ECC considered and approved a summary, presented by the Ministry of Information Technology and Telecommunications, regarding revised budget estimates for the FY 2020-21 and FY 2021-22 respectively.

The ECC also approved a summary by the Power Division regarding the approval of the payment mechanism for TNB Liberty Power Limited. The ECC approved the proposal as part of a settlement with other relevant IPPs.