ISLAMABAD- In a major development, the Economic Coordination Committee (ECC) approved 193 per cent increase in the gas tariff on Tuesday.
A summary submitted by the Ministry of Energy regarding the revision of the natural gas sale pricing for the current fiscal year was considered by the forum.
The meeting also directed that uninterrupted supply of gas for the fertilizer industry to be ensured. The ECC also decided that the provinces would be asked to act more proactively to bear the importation cost. The ECC, after detailed discussion and deliberation, approved the summary as per the tariff schedule submitted by the Ministry, prospectively with effect from first of next month instead of first of the current month.
The committee also gave approval of immediate import of 200,000 metric tons of Urea fertilizers to meet the requirements for Rabi season.
The approval was granted in today’s meeting of the ECC that was chaired by Minister for Finance, Revenue, and Economic Affairs, Dr. Shamshad Akhtar in Islamabad.
The forum also discussed and approved the summary submitted by the Ministry of National Food Security and Research regarding the cost efficient import of one million metric ton of milling wheat for the year current fiscal year.
It also approved the proposal for encouraging the private sector to import specified milling wheat under Ministry of Finance Notification of 14th November 2008, while meeting the criteria envisaged in the import policy order 2022.
The ECC also directed the Ministry to conduct a third party verification of the wheat stock in the country.
The meeting further deliberated over a summary submitted by the Earthquake Reconstruction and Rehabilitation Authority for approval of the Technical supplementary Grant of 484 Million rupees to meet critical expenditure on pay and allowances of 415 contract and project employees from July this year onwards.
The ECC directed the Ministry of Planning, Development and Special Initiatives to identify the savings to finance the salaries of the ERRA employees.
A summary of Ministry of Finance regarding the establishment of the National Credit Guarantee Company Limited to support the credit enhancement of the Small and medium enterprises was also considered and approved by the forum.
