ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet has increased procurement of wheat target of Pakistan Agriculture Storage and Services Corporation (PASSCO) to 1.8 million metric tons and allowed import of 200,000 MTs urea fertiliser to meet the requirements for Kharif 2024.

The meeting of the ECC presided over by Finance Minister Muhammad Aurangzeb on Tuesday reviewed and approved a number of proposals of various ministries and divisions.

The ECC gave approval to increase the wheat procurement target for PASSCO from 1.4 MMT to 1.8 MMT along with the required Cash Credit Limit (CCL) for the purchase of additional quantity. The approval would help PASSCO increase its ongoing wheat procurement drive.

The ECC also approved the proposal for import of 200,000 MTs of urea fertiliser to meet the requirements for Kharif 2024 as proposed by the Ministry of Industries and Production. The ministry was also directed to continuously assess the demand and supply situation of urea and suggest appropriate measures to the ECC in a timely manner.

The ECC also approved Ministry of Industries and Production’s request for the disbursement of salaries of PSM workers and directed the ministry to present a detailed plan for the future use of the asset along with timelines. The ECC meeting also allowed Power Division’s request for release of budgeted expenditures to clear the arrears of tariff differential subsidy Rs70 billion for KE and Rs55 billion for AJK. This would help ease the liquidity requirements of the power sector.

The ECC considered a summary to authorise Benazir Income Support Programme (BISP) to arrange funds from its allocated budget for financing the special relief package for daily wage workers on the Chaman border, highlighting government support for the vulnerable group.

In addition, the ECC considered and approved proposals for technical supplementary grants, including Rs4.8 billion for Pakistan Atomic Energy Commission, Rs5.8 billion for the Earthquake Reconstruction and Rehabilitation Authority’s to clear matured liabilities of the contractors, Rs3.2 billion to Finance Division as rupee cover for the WB funded Financial Inclusion and Infrastructure Project (FIIP), and Rs162 million to the Ministry of Housing and Works for repair and maintenance of public buildings in Islamabad as well as Rs2.2 billion to the Ministry of Interior for the FATA TDP-ERP Project.

The meeting was attended by the Minister for Commerce Jam Kamal Khan, Minister for Petroleum Musadik Malik, Minister for Privatisation Abdul Aleem Khan, Minister for Industries and Production Rana Tanveer Hussain, Chairman Securities and Exchange Commission of Pakistan (SECP), Dy Chairman Planning Commission, federal secretaries, and other senior government officials of the relevant ministries. Minister for Economic Affairs Ahad Khan Cheema and MD PASSCO attended the meeting online.

Copyright Business Recorder, 2024