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Sunday, October 17, 2021

ECC approves 550,000 MT wheat import contract

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Shaukat Tarin, Minister of Finance and Revenue, presided over the ECC meeting.

ISLAMABAD – The Economic Coordination Committee (ECC) of the Cabinet approved Thursday the summary presented by the Ministry of National Food Security and Research on the award of the fifth international wheat tender to import 550,000 MT (after matching procedure) of wheat for the fiscal year 2021-22.

Shaukat Tarin, Minister of Finance and Revenue, presided over the ECC meeting. The ECC also approved the summary presented by the Ministry of Interior for a Technical Supplementary Grant of Rs 83.3 million to NADRA for services related to the project for automation of Power of Attorney (POA) for Overseas Pakistanis.

The ECC gave its agreement to the direction that the ministries of foreign affairs and interior conduct a joint consultative session to hammer out procedures in this respect.

The Ministry of Industries and Production presented a summary before the ECC on the continuation of the Prime Minister’s relief package-2020 for the supply of five basic goods at discounted prices, which is set to expire on September 30, 2021.

The ECC granted a one-month extension with the direction to present a comprehensive summary to the ECC, taking into account the worldwide price increase in key food items.

The ECC agreed that the Power Division may contact NEPRA to reconsider its previous judgement on the matter and present an updated summary to the ECC for consideration, based on a summary moved by the Power Division about quarterly rate adjustments of K-Electric.

Power Division presented a new summary on the imposition of a sales tax on the federal government’s subsidies to DISCOs.

Following consultation with all parties involved, the ECC determined that the issue should be submitted to the Law Division for advice, and a legal interpretation should be presented to the Committee for further discussion.

The ECC reviewed and approved a summary of updated budget projections for fiscal years 2020-21 and 2021-22 presented by the Ministry of Information Technology and Telecommunications.

The ECC also approved a summary prepared by the Power Division on the approval of the payment method for TNB Liberty Power Limited. The proposal was approved by the ECC as part of a settlement with other relevant IPPs.

The ECC approved a tender for the import of 100,000 MT of urea for strategic reserves of urea fertiliser during the Rabi season FY 2021-22, based on a summary submitted by the Ministry of Industries and Production.

Federal Minister for Planning Asad Umar, Federal Minister for Energy Hammad Azhar, Federal Minister for Railways Azam Khan Swati, Federal Minister for National Food Security & Research Syed Fakhar Imam, Federal Minister for Interior Sheikh Rasheed Ahmad, Minister of State for Information Farrukh Habib, Federal Secretaries, Chairman FBR, and other senior officers attended the meeting.

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