Islamabad: In a meeting chaired by Federal Minister for Finance and Revenue, Senator Mohammad Ishaq Dar, the Economic Coordination Committee (ECC) of the Cabinet approved policy guidelines for the import of foreign supplier’s account through customs bonded storage facilities.
The meeting, held in Islamabad on Tuesday, addressed various matters related to the country’s economy.
During the session, the ECC carefully considered and discussed a summary presented by the Petroleum Division regarding the policy guidelines for imports on the foreign supplier’s account through customs bonded storage facilities. After thorough deliberation, the committee granted its approval for the proposed guidelines, which will play a crucial role in streamlining the import process and ensuring efficient utilization of customs bonded storage facilities.
Furthermore, the ECC also addressed financial matters related to government departments. A technical supplementary grant of Rs. 200 million was approved in favor of the Department of the Auditor General of Pakistan (DAGP) to cover employee-related expenses. This step is expected to support the smooth functioning of the DAGP and enable it to carry out its vital auditing responsibilities effectively.
Additionally, the committee revisited a summary presented by the Ministry of Interior and approved a technical supplementary grant of Rs. 3,813.95 million. Out of this amount, Rs. 2,989.37 million has been allocated for FC KP (North), while Rs. 824.58 million has been allocated for FC KP (South) to cover ration bills. This decision aims to ensure the provision of necessary supplies to the Frontier Corps personnel serving in Khyber Pakhtunkhwa.
Several key government officials attended the ECC meeting, including Federal Minister for Commerce Syed Naveed Qamar, Minister of State for Petroleum Musadik Masood Malik, Special Assistant to the Prime Minister on Finance Tariq Bajwa, Coordinator to the Prime Minister on Economy Mr. Bilal Azhar Kayani, along with federal secretaries and other senior officers.
The approval of the policy guidelines for import through customs bonded storage facilities and the allocation of supplementary grants reflect the government’s commitment to enhance the efficiency and effectiveness of various sectors in Pakistan’s economy. These decisions are expected to contribute to smoother import processes, better financial management within government departments, and improved support for the personnel serving in the Frontier Corps.
OCAC Rejects Proposed Guidelines for Import of Petroleum Products
