October 12, 2021 (MLN): The Economic Coordination Committee (ECC) of the Cabinet on Monday approved a summary for the provision of the maximum quantity of gas to Pak-Arab Fertilizer Plant and Fauji Fertilizer Bin Qasim Limited (FFBQL) to help stabilize urea prices.
The meeting was chaired by Federal Minister for Finance and Revenue, Shaukat Tarin at the Finance Division.
According to a press release, the Secretary of, Ministry of Industries and Production presented a summary regarding the provision of gas to Pak Arab and Fauji Fertilizer Bin Qasim Limited (FFBQL) to review the demand for urea fertilizer during the Rabi season 2021-22.
After a detailed discussion, the ECC approved the maximum provision of gas to Pak Arab (58MMCFD) and FFBQL (63MMCFD) to ensure that the estimated demand for urea fertilizer is met through domestic production. The said decision will stabilize prices of urea fertilizer and ensure its smooth supply throughout the country during Rabi season 2021-22.
The ECC considered and approved a summary presented by the Ministry of Information Technology and Telecommunication regarding allocation of Rs. 2 billion as a single line budget for Pakistan Software Export Board (PSEB), 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 incentives in order to incentivize IT exports and to encourage documentation of exporters/exports. The cash reward incentive shall be provided for the IT and IT-enabled services exporters promoting export proceeds through banking channels via SBP allocated banking codes.
Lastly, the Ministry of Commerce presented a Textile and Apparel Policy, FY 2020-25. After due deliberation, the ECC constituted a sub-committee comprising of representatives of Ministry of Commerce, 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.
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.
Copyright MettisLink News