ECC allows ‘exports’ to Afghanistan in Pakistani currency

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ISLAMABAD – The Economic Coordination Committee of the Cabinet on Friday allowed the export of selected commodities to Afghanistan against Pakistan currency, considering the food crisis and situation in the war-torn country.

Federal Minister for Finance and Revenue Shaukat Tarin, virtually presided over ECC meeting that was attended by Federal Minister for National Food Security and Research Syed Fakhar Imam, Federal Minister for Industries and Production Makhdoom Khusro Bakhtiar, Federal Minister for Water Resources Chaudhry Moonis Elahi, Federal Secretaries and senior officers.

The summary for exports to Afghanistan in local currency was sent by Ministry of Commerce. The selected commodities that include fish, sugar, rice and meat, have been added in the list of items at Para-7(1) of Export Policy Order, 2020.

The ECC, while noting the growth in exports, approved the summary tabled by Ministry of Commerce to enhance the quota limit for export of samples to twenty five thousand US dollars or 0.1% of actual export proceeds during the last financial year in US dollars per exporter per annum, by amending relevant paras of Export Policy Order, 2020.

It also approved a summary presented by Ministry of Commerce and allowed removal of 45 % Regulatory Duty on the import of Chilghoza from Afghanistan as the reduction tariff on this item will encourage the legal import of unprocessed Chilghoza for processing in the country for export and will also be instrumental in creation of jobs in the far flung areas of border regions of Khyber Pakhtunkhwa and economically backward areas of Baluchistan.

It also approved a proposal submitted by Finance Division for engaging the services of third party to carry out the Monitoring and Evaluation ( M&E) functions of the Kamyab Pakistan Programme (KPP).

Pakistan Poverty Alleviation Fund (PPAF) was engaged for Monitoring and Evaluation of KPP. However, PPAF has not been able to undertake M & E responsibilities due to its legal status.

Finance Division presented a summary to resolve the issue of reversal of Foreign Commonwealth and Development Office (FCDO) unspent grant funds under amendment to MoU with proposal to establish a new Credit Guarantee Company (CGC) having 56% shareholding of FCDO through Karandaaz (unspent funds) and 44% shareholding of GoP, with mandate of issuance of Credit Guarantees against financing in SME Sector. The ECC discussed and approved the proposal.

The ECC also approved several others proposals.

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