The Economic Coordination Committee (ECC) of the Cabinet, under the chairmanship of Adviser to the Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh, has permitted the import of controlled chemicals through commercial importers. This decision, made on Wednesday, is aimed at easing the availability of essential chemicals for various industrial applications.
The approved chemicals include acetone, anthracitic acid, ethyl ether, hydrochloric acid, and sulphuric acid. The ECC’s decision is expected to facilitate industrial growth by ensuring a steady supply of these crucial inputs.
In addition to this decision, the ECC imposed a ban on the export of onions until May 30, 2020, to stabilize local market prices and ensure sufficient domestic supply.
The ECC also approved several technical supplementary grants to support various national projects. A grant of Rs451.681 million was sanctioned for the Naya Pakistan Housing and Development Authority, which aims to provide affordable housing to citizens. Another grant of Rs110 million was approved for the planning ministry to support Afghan projects, highlighting Pakistan’s commitment to regional cooperation and development.
Further, the ECC approved a technical supplementary grant of Rs5.9 million for the capacity building of teachers training institutes and the training of elementary teachers in former FATA, Gilgit Baltistan, AJK, and Islamabad. This move is part of the government’s efforts to enhance educational standards and provide quality education across the country.
The meeting also allocated Rs636.05 million to the National Disaster Management Authority (NDMA) as a technical supplementary grant to combat the locust infestation threatening agricultural productivity. This funding is crucial for implementing effective control measures and protecting the agricultural sector from significant losses.
In a bid to streamline import regulations, the ECC made amendments to the Import Policy Order 2016, directing the Federal Board of Revenue (FBR) to clear items bearing the Halal logo by April 30, 2020. This directive aims to simplify the import process and ensure compliance with Halal standards.
The ECC also addressed the issue of subsidies for export-oriented industries. The committee tasked the Finance Division with providing a subsidy on the ‘Nomenclature of export-oriented Industries clarified’ within 14 days upon receiving the claim from the Petroleum Division. This subsidy is expected to enhance the competitiveness of Pakistan’s export sector.
Moreover, the ECC approved the public sector procurement of 8.25 million tonnes of wheat at Rs1,365 per tonne for the upcoming season. To address potential shortages, the committee authorized the import of up to 0.5 million tonnes of wheat throughout the year.
Lastly, the ECC granted approval for the Gas Supply Agreement (GSA) to be signed by SNGPL for the 1263.2 MW RLNG-based power generation project near Trimmu Barrage. This project is part of the government’s initiative to enhance the country’s power generation capacity and ensure a reliable energy supply.
These decisions by the ECC underscore the government’s commitment to economic stability, industrial growth, and the well-being of its citizens through strategic policy measures and targeted financial support.