Staff Reporter Islamabad
The Economic Coordination Committee on Monday approved maximum provision of gas to Pak Arab (58MMCFD) and Fauji Fertlizer Bin Qasim Limited (63MMCFD) to ensure that estimated demand for urea fertilizer is met through domestic production.
This decision was taken by a meeting of the Economic Coordination Committee chaired by Fed-eral Minister for Finance and Revenue, Shaukat Tarin.
The decision will stabilize prices of urea fertil-izer and ensure its smooth supply throughout the country during Rabi season 2021-22.
Federal Minister for Industries and Production Khusro Bakhtiar, Federal Minister for Energy Hammad Azhar, Federal Minister for Railways Azam Khan Swati, Minister of State for Information Farrukh Habib, Advisor to PM on Commerce Abdul Razak Dawood, Federal Secretaries and other senior officers participated in the meeting.
The Secretary, Ministry of Industries and Pro-duction, presented a summary regarding provision of gas to Pak Arab and Fauji Fertlizer Bin Qasim Limited (FFBQL) to review demand for urea fertil-izer during the Rabi season 2021-22.
The ECC considered and approved a summary presented by the Ministry of Information Technol-ogy and Telecommunication regarding allocation of Rs. 2 billion as a single line budget for Pakistan Software Export Board, an apex Government body, mandated to strengthen and promote the IT sector exports of Pakistan.
Moreover, the ECC also approved the allocation of Rs. 4 billion to PSEB for disbursement of cash reward incentive in order to incentivize IT exports and to encourage documentation of export-ers/exports.
The cash reward incentive shall be pro-vided for the IT and IT-enabled services exporters promoting export proceeds through banking chan-nels via SBP allocated banking codes.
Lastly, Ministry of Commerce presented a Tex-tile and Apparel Policy, FY 2020-25.
After due deliberations, the ECC constituted a sub-committee comprising of representatives of Ministry of Com-merce, Finance Division, Ministry of Industries and Production, Power and Petroleum Divisions, FBR and State Bank of Pakistan to review and present an updated policy before ECC in a couple of weeks.
