March 19, 2021 (MLN): The Finance Committee of Export Development Fund (FC-EDF) approved Rs. 950 million for up-gradation of PPTF.
Taking to his Twitter handle, Advisor to the PM on Commerce and Investment, Mr. Abdul Razak Dawood said the committee also approved Rs. 8.9 billion for EDF Financial year 2021-22 based on EDS collection expected during the current financial year.
The advisor chaired the 19th Finance Committee meeting of the Board of Administration of EDF on 18th March 2021 at the Ministry of Commerce.
The committee deliberated various proposals relating to export sectors of Pakistan like leather, cutlery, fisheries, textile, sports goods, garments, etc. Proposals amounting to Rs 950 million were approved. These related to upgraduation ad replacement of physical testing equipment at PPTF Lab Faisalabad, Testing Lab for Leather, Karachi Garment City Company, Hi-Scan X-ray Inspection System at Sialkot International Airport, Building for SAARC Chamber of Commerce & Industry, and compliance to IOTC’s Resolutions for Export of Tuna.
As per provisions of the EDF Act Ministry of Finance is mandated to propose to the Parliament an appropriation equivalent to the receipts of the Export Development Surcharge collected during the preceding year.
Copyright Mettis Link News