ECC okays Kissan package to facilitate farmers

November 15, 2022 (MLN): The Economic Coordination Committee (ECC) on Monday approved the Kissan package-2022, statement issued by Finance Division revealed. 

This package includes enhancement of agriculture loan disbursement from 1,419 billion to 1,802bn, reduction in DAP price from Rs13,750 to Rs11,250 per bag, and Interest-free loans to convert three lac tube wells to solar.

The ECC after a detailed discussion approved a proposal of the Finance Division for revision and renaming of Prime Minister’s Kamyab Jawan-Youth Entrepreneurship Scheme as Prime Minister’s Youth Business & Agriculture Loan Scheme with a view to making it more purposeful and beneficial for small businesses and agriculture. New components of interest-free microloans and agriculture loans have been added to the new scheme.

Ministry of Energy in its summary stated that demand for High-Speed Diesel (HSD)/Gas Oil premiums has substantially increased due to the ongoing sowing season and rehabilitation efforts after the floods in the country.

The ECC allowed a premium on HSD subject to a maximum capping at $16.75/BBL for importing OMCs other than PSO for the months of November 2022.

The forum also considered the summary of the Ministry of Energy, Power Division on standardized security package agreements for large-scale solar PV projects for substitution of expensive imported fossil fuel-based power generation under the framework and approved the summary except for special payment mechanism and quarterly indexation as was proposed in the summary.

The ECC approved the summary of the Ministry of National Health Services, Regulations for technical Supplementary Grant as rupee cover for the remaining amount of ADB Financing Agreement of $12.20 million equivalent to Rs2,928mn (out of $500mn committed by ADB), for procurement of COVID-19 vaccine and discharging liability of COVID-19 campaign during the current financial year 2022-23.

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