ECC approves Rs423.73m for PSDP projects of Petroleum Division

November 16, 2023 (MLN): The Economic Coordination Committee (ECC) of the Cabinet on Wednesday considered and approved the provision of funds worth Rs423.726 million as a technical supplementary grant for PSDP projects of the Petroleum Division, as per a press release issued on the said day.

The summary for the provision of funds was tabled by the Ministry of Energy (Petroleum Division) during the meeting.

The ECC considered a summary of the Ministry of National Health Services, Regulations, & Coordination regarding the “Approval of Increase in Maximum Retail Prices (MRPs) of 262 Drugs under hardship Category as recommended by DPC in its 56th and 57th Meetings.”

After detailed discussion and deliberation, the ECC asked the Ministry of National Health Services, Regulations & Coordination to come up by Tuesday with well-informed and well-considered recommendations involving a proper and judicious analysis of the pricing mechanism.

The ECC also asked the Ministry to engage with the provincial health departments and ensure the finalization of its recommendations in a rational, balanced and rule-based manner addressing the concerns of the industry and protecting the interests of the ailing consumers already facing inflationary pressures.     

The ECC also considered a summary submitted by the Ministry of Industries and Production for the import of 200 KMT Urea fertilizer for the Rabi season.

The committee decided that the option of importing fertilizer through a government-to-government arrangement be explored in the first instance.

The committee further decided to transfer the Entire Cash Credit Limit along with accrued markup to National Fertilizer Marketing Limited (NFML) with provinces to pick up the cost of import.    

The Caretaker Federal Minister for Finance, Revenue, and Economic Affairs Dr. Shamshad Akhtar chaired the meeting of the ECC.

Copyright Mettis Link News