Federal Minister for Finance and Revenue Mr. Miftah Ismail presided over meeting of the Economic Coordination Committee (ECC) of the Cabinet at Finance Division, on Saturday.
Federal Minister for Industries and Production Makhdoom Syed Murtaza Mehmood, Federal Minister for Religious Affairs and Interfaith Harmony Mr. Abdul Shakoor, Minister of State for Finance & Revenue Dr. Aisha Ghous Pasha, Minister of State for Petroleum Division Mr. Musadik Masood Malik, Federal Secretaries and senior officers attended the meeting. Ministry of Industries and Production submitted a summary on the continuation of PM relief package – 2020 for the months of May and June, 2022 through USC. The ECC after deliberation allowed continuation of existing subsidy for two weeks on essential commodities (Atta, Sugar, Rice, and Pulses), and Rs. 100/kg subsidy on Ghee at USC. Finance Division will also release the outstanding amount on account of subsidy under PM Relief Package – 2020 approved by the ECC for the previous months.
Ministry of Industries and Production submitted another summary on Chinese offer for import of Urea by TCP on G2G basis. ECC after deliberation allowed TCP to import 200,000 MT Granular Urea from China on G2G basis on deferred payment basis within 90 days.
Ministry of National Food Security and Research submitted a summary on modalities framed for import of 3.00 MMT of wheat in the light of the decisions of the ECC of the Cabinet on 09-05-2022 and Federal Cabinet on 10-05-2022. The ECC after discussion allowed import of 2 MMT on G2G basis while 1 MMT through international tendering process under the existing arrangement. PASSCO will be the recipient agency for the imported wheat. The ECC further directed the MNFS&R to get the requirements of Wheat by the provincial governments.
On another summary of Ministry of National Food Security & Research for Ramzan Package Subsidy on wheat flour- Bridge financing facility for Punjab Food Department, the ECC decided that in case subsidy is not approved by the Punjab Cabinet, the shortfall will be bridged by the Federal Government but Govt. of Punjab will ensure that provincial cabinet approves the package as soon as its meeting is convened.