ISLAMABAD: The Economic Coordination Committee (ECC) of the cabinet on Thursday approved to continue general subsidy on five essential items provided to consumers through Utility Stores Corporation (USC).
Dr. Abdul Hafeez Shaikh, Federal Minister for Finance and Revenue chaired the meeting of ECC.
Ministry of Industries and Production presented three proposals related to the Utility Stores Corporation (USC) before the ECC.
The ECC considered and approved the first proposal regarding continuation of general subsidy on five essential items through USC from January 01, 2021 to June 30, 2021 out of funds allocated under Prime Minister’s Relief Package-2020 in the backdrop of COVID-19 pandemic.
Secondly, Ministry of Industries and Production proposed to approve re-allocation of Rs. 2.33 billion for ERP procurement and IT infrastructure for automation of stock management throughout the network of USCs.
The ECC approved in principle, with a direction to hold further consultation with the Ministry of Information Technology and Ministry of Finance for smooth implementation.
Furthermore, it was decided that the Utility Stores Corporation (USC) would present a revised proposal after working out a specific percentage range(s) of differential from market prices for subsidizing essential commodities through Ministry of Industries and Production before next ECC meeting.
The percentage range(s) would serve as a benchmark for subsidizing the essential commodities through Utility Stores Corporations, keeping in view, fluctuations in international commodity prices.
