ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Wednesday approved imposition of 10 percent regulatory duty on import of cotton.
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ECC bans export of wheat to control domestic prices
ISLAMABAD: Economic Coordination Committee of the Cabinet (ECC) on Wednesday decided to impose ban on export of wheat and related products in order to control prices in the local market.
Adviser to Prime Minister on Finance and Revenue, Dr. Abdul Hafeez Shaikh, chaired the meeting of the ECC.
A report on the wheat situation in the country was presented in the ECC by Ministry of National Food Security and Research.
It was briefed during the meeting that adequate stocks of wheat are available in the country to cater for the needs of the population.
It was also highlighted that the procured quantity of wheat during this year is 33% less than the procured quantities of wheat during the corresponding periods of last year.
“The recent hike in prices of wheat and wheat flour is also a point of concern. The ECC decided to impose a ban on export of wheat/wheat flour and also asked that a meeting of National Price Monitoring Committee may be convened to suggest measures to control the price hike trend of ‘Roti’ and other wheat products in the local market with the cooperation of the provincial governments,” said a statement.
The ECC also approved National Fertilizer Marketing Limited (NFML) to fix the Dealer Transfer Price (DTP) of 50 kg imported Urea Bag at Rs.1800 which is Rs.166 less than the prevailing average market price of Sona Urea i.e. Rs.1966 per 50 kg bag.
The difference in Urea import price and approved dealer transfer price for NFML dealers has been estimated at Rs.937.92 million; NFML has also been directed to ensure enforcement of this price through coordination with provincial governments.
The ECC allowed PIA Corporation Limited to make a re-appropriation in its already approved budget of Rs.24 billion for the upgradation of in-flight entertainment (IFE) system of its fleet for 8 Boeing-777 aircrafts. The project will cost Rs.700 million.
It was also briefed during the meeting that the measures will improve the occupancy of the airline to 80 per cent from the current level of 70 per cent.
The ECC endorsed the decision of the Governing Council of Pakistan Bureau of Statistics to change the base of price statistics from 2007-08 to 2015-16.
The new base 2015-16 of price statistics has the following features:
Inclusion of rural market.
Introduction of population weight based on recent Population Censes 2017.
Computation of indices based on Weighted Geometric Mean.
Introduction of consumption quintiles instead of income quintiles.
Introduction of consumer weighted approach to compute gas prices for combined income group.
Introduction of GST, other taxes Fuel Price Adjustment to compute electricity tariffs using consumer weighted approach.
It was also decided that for the purpose of comparative analysis, the old series of 2007-08 will continue to be published for another year along with the new series of 2015-16.
On the summary moved by Ministry of Commerce and Textile, it was decided that the scrap slag, ash and residues containing metals, arsenic or their compounds (containing mainly Aluminum under PCT 2620.4000) may be moved from Appendix-A (Banned Items) to Appendix-B (Restricted Items) of the Import Policy Order, 2016.
However, in order to forestall the chances of import of hazardous waste, the import may be subject to the following conditions:
(i) Importable only by industrial consumer having recycling facilities, subject to NOC from Ministry of Climate Change and duly certified by provincial Environmental Protection Agency (Federal EPA, in case of Islamabad Capital Territory).
(ii) Provision of a pre-shipment Inspection Certificate and consent of Focal Point of Basel Convention from the country of export to the effect that the waste/scrap is non-hazardous as defined in the Basel Convention.
(iii) The imported consignments of the registered recycling plants shall be cleared from seaport only.
The ECC also considered and approved the notification of Minimum Indicative Prices (MIP) of tobacco for year 2019-20.
As per section 8 of the Pakistan Tobacco Board Ordinance 1968, the MIP for different grades of various types of tobacco are to be notified by the Federal Government.
The following prices were suggested for notification: S.No. TYPES OF TOBACCO MINIMUM INDICATIVE PRICE PER KG FOR 2019-20 CROP 1. FCV Tobacco (Plain) Rs.190.63 2. FCV Tobacco (Sub-Mountainous) Rs.218.77 3. WP Tobacco Rs.82.85 4. Burley Tobacco Rs.150.54 5. DAC Tobacco Rs.94.76.
The ECC also allowed that new PCT codes, as created in the Pakistan Customs Tariff through the Finance Act, 2019, may also be incorporated in SRO 693(I)/2006 dated 01.07.2006 so that levy of additional customs duty collected on those parts of Sport Utility Vehicles (SUVs) of engine capacities 1001cc to 1500cc and 1501cc to 1800cc which have been localized, may be appropriately accounted for under separate PCT codes.
The report on National Poverty Graduation Programme of US $ 82.60 million was also submitted for compliance of the ECC by the Secretary, Economic Affairs Division.
Among others, the meeting was attended by Minister for National Food Security & Research, Sahibzada Muhammad Mehboob Sultan; Minister for Planning, Development& Reform, Makhdoom Khusro Bukhtiar, Minister for Privatization, Muhammadmian Soomro, Minister for Railways, Sheikh Rashid Ahmed, Adviser to PM on Commerce, Textile, Industry & Production and Investment, Abdul Razak Dawood; Adviser on Institutional Reforms and Austerity, Dr. Ishrat Hussain; SAPM on Petroleum, Nadeem Babar; Governor State Bank of Pakistan, Reza Baqir and Chairman, Board of Investment, Zubair Gilani.
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ECC approves tax incentives to shipping industry for next 10 years
ISLAMABAD: The Economic Coordination Committee of the Cabinet (ECC) on Wednesday extended tax incentives to shipping industry for next 10 years.
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ECC approves Rs20 billion fund to support stock market
ISLAMABAD: The Economic Coordination Committee of the Cabinet (ECC) on Thursday approved State Enterprise Fund worth Rs20 billion to support the stock market of the country.
Adviser to Prime Minister on Finance, Revenue and Economic Affairs, Dr. Abdul Hafeez Shaikh, chaired the meeting of the Economic Coordination Committee (ECC) of the Cabinet.
In order to stabilize the stock market of the country, the ECC approved the proposal of Finance Division authorizing Government of Pakistan to issue sovereign guarantee amounting to Rs20 billion for investment in National Investment Trust (NIT)-State Enterprise Fund.
Secretary, Ministry of National Food Security and Research updated the Committee about the wheat situation in the country.
He informed that the country was in comfortable position with having 7.257 million tons of wheat available in the stock.
Ministry of Maritime Affairs suggested various proposals on the revival and development of shipping industry in Pakistan.
The Committee noted the proposals and advised Ministries of Petroleum and Maritime Affairs to jointly come up with a comprehensive proposal, in next ECC meeting, for introducing a dynamic shipping policy focusing on expansion and development of local shipping industry.
The ECC acceded to the proposal of Ministry of States & Frontier Regions to grant Rs.781,591,000/- for arranging 20,000 Metric Tons of wheat for Temporarily Displaced Persons of erstwhile FATA.
The ECC also approved Supplementary and Technical Supplementary Grants for various Ministries/Divisions.
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ECC reduces sales tax on petrol by 5 percent
Islamabad: The Economic Coordination Committee of the Cabinet (ECC) has taken a significant step towards providing relief to the masses by approving a reduction of sales tax by five percent.
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ECC may approve sovereign guarantee for Utility Stores Corporation
ISLAMABAD: The Economic Coordination Committee of the Cabinet (ECC) may grant formal approval for sovereign guarantee for Utility Stores Corporation (USC) in its meeting scheduled for April 17, 2019.
According to agenda of the ECC meeting scheduled for Wednesday, the ministry of industries and production had proposed for the sovereign guarantee for the public sector store chain in order to overcome its financial crisis.
The USC is providing consumer items at low priced and subsidized rates to masses. The government has also approved an amount of Rs2 billion for Ramazan package to be provided to masses through the USC.
In other agenda items, the ECC may approve an amount of Rs700 million in favour of National Commission for Human Development under the ministry of federal education and professional training.
A supplementary grant of Rs337.02 million likely to be approved in respect of Gilgit-Baltistan Council for Financial Year 2018/2019.
Provision of supplementary grant of Rs1.33 billion to department of immigration and passport likely to be approved.
Further, on the recommendation of petroleum ministry, the ECC likely to approve utilization of Railways services by PSO for transportation of petroleum products.
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ECC approves import of 100,000 tons of urea
ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Wednesday approved immediate import of 100,000 tons of urea to facilitate farmers.
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Overstayed consignments: ECC waives Rs700 million penal surcharges
ISLAMABAD: The Economic Coordination Committee of the Cabinet (ECC) on Wednesday approved waiver of penal surcharges to the tune of Rs700 million on overstayed consignments at ports.
The ECC meeting which chaired by Finance Minister Asad Umar approved a proposal of Federal Board of Revenue (FBR) to waive the accumulated penal surcharges of Rs700 million off against overstayed consignments at ports.
The decision will enable importers to clear their overstayed cargoes and would also help reducing congestion at ports and bonded warehouses.
On a summary of the Petroleum Division, the ECC approved gas supply to Tall and adjacent areas of district Hangu, Khyber Pakhtunkhwa.
The Commerce Division gave a presentation about the significance of establishment of an Independent Insurance Regulator.
The ECC directed the Commerce Division to expedite the findings of the Commission, already formed on the subject, for making informed decision.
On a proposal of Petroleum Division regarding arrangements of additional 200 MMCFD of LNG from Qatar, the Committee directed Petroleum Division to carry out a comprehensive demand/supply analysis of LNG in the country, in consultation with stakeholders, including Law and Justice Division, and submit a summary to the Cabinet in this regard.
Maritime Affairs Division briefed ECC about the progress on new LNG Terminal.
The Finance Minister directed Maritime Division to expedite the process for establishment of new LNG terminal in view of the increasing demand for gas in the country.
On the issue of the submission of Pakistan Steels’ revival business plan, ECC directed the Ministry of Industries to submit its proposals within the next fortnight.
The Committee also accorded approval to the proposal of National Counter Terrorism Authority by granting it Technical Supplementary Grant of Rs133.156 million.
Later, the Finance Minister also presided over a meeting of the Cabinet Committee on Energy (CCoE) and reviewed various proposals about gas losses and power recovery plan presented by Petroleum and Power Divisions separately.
The Committee directed the Petroleum Division to take corrective measures to reduce gas losses.
It asked the Division to submit monthly report on Unaccounted for Gas (UfG) on the pattern of the report on electricity losses presented by the Power Division.
The Committee also directed both gas supply companies (SNGPL & SSGPL) to prepare a joint presentation, and present the same to Task Force on Energy before submission to CCoE in its next meeting.
In order to make recovery from the defaulters, CCoE directed Power Division to implement the Electricity Act in letter and spirit by disconnecting the connections of defaulters.
The Committee was briefed by the Power Division about the status on Efficiency Tests Report for Independent Power Producers (IPPs).
It was informed that the mandatory test had been carried out for all the seven units. The data analysis had been completed for five units while the same with regard to the remaining two units was presently underway.
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ECC approves Rs2 billion for Ramazan Relief Package
ISLAMABAD: The Economic Coordination Committee of the Cabinet (ECC) convened on Tuesday under the chairmanship of Finance Minister Asad Umar and approved a comprehensive Ramazan Relief Package worth Rs2 billion.
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New LNG terminal: Instructions issued for completing formalities
ISLAMABAD: Finance Minister Asad Umar on Tuesday issued instructions for expeditiously completing formalities for setting up new LNG terminal at Port Qasim.
The finance minister issued the directive while chairing the meeting of Economic Coordination Committee of the Cabinet (ECC) on Tuesday. The committee considered proposals from different ministries/ Divisions.
Ministry of Maritime Affairs briefed the ECC on matters relating to establishment of new LNG terminals at Port Qasim.
The committee was informed that the Port Qasim Authority was looking at various choices with a view to find the most viable option.
The committee gave instructions to expedite the matter and directed for completion of all formalities for setting up the new terminal expeditiously keeping in view the growing energy needs of the country.
ECC approved proposal of Ministry of Energy based on request by Pakistan Petroleum Ltd for allocation of up to 9 mmcfd gas from Fazl X-1 field in distt Matiari to M/S SSGCL.
The Committee also considered and approved various proposals relating to Supplementary grants. It may be recalled that such grants were previously approved by the Ministry of Finance, however in order to make the process more transparent, these are now considered and approved at the ECC/ Cabinet level.