ECC extends operations of AGL, Fatima for another two months

News Report

The economic coordination committee (ECC) on Friday allowed operations of Agritech and Fatima Fertilizer Plants for another two months.

The ECC after detailed deliberation allowed the operations of SNGPL based plants ( Fatima Fertilizer (Sheikhupura plant ) and Agritech) for a further two months post-Jan 2022 i-e Feb – Match 2022 at a gas rate of Rs. 839/MMBTU for the mentioned period.

Pakistan on Friday approved the export of selected commodities to Afghanistan against Pakistan’s currency to tackle the looming food crisis.

Federal Minister for Finance and Revenue Mr. Shaukat Tarin, virtually presided over the Economic Coordination Committee (ECC) of the Cabinet.

The ECC, considering the food crisis and prevailing situation of Afghanistan, approved the summary presented by the Ministry of Commerce and allowed the export of selected commodities to Afghanistan against Pakistan currency by adding them in the list of items at Para-7(1) of Export Policy Order, 2020.

The ECC, while noting the growth in exports, approved the summary tabled by the Ministry of Commerce to enhance the quota limit for export of samples to twenty-five thousand US dollars or 0.1% of actual export proceeds during the last financial year in US dollars per exporter per annum, by amending relevant paras of Export Policy Order, 2020.

The ECC approved a summary presented by the Ministry of Commerce and allowed removal of 45 % Regulatory Duty on the import of Chilghoza from Afghanistan as the reduction tariff on this item will encourage the legal import of unprocessed Chilghoza for processing in the country for export and will also be instrumental in the creation of jobs in the far-flung areas of border regions of Khyber Pakhtunkhwa and economically backward areas of Baluchistan.

The ECC approved a proposal submitted by the Finance Division for engaging the services of a third party to carry out the Monitoring and Evaluation ( M&E)  functions of the Kamyab Pakistan Programme (KPP). Pakistan Poverty Alleviation Fund (PPAF) was engaged for Monitoring and Evaluation of KPP. However, PPAF has not been able to undertake M & E responsibilities due to its legal status.

Finance Division presented a summary to resolve the issue of reversal of Foreign Commonwealth and Development Office (FCDO) unspent grant funds under the amendment to MoU with a proposal to establish a new Credit Guarantee Company (CGC) having 56% shareholding of FCDO through Karandaaz (unspent funds) and 44% shareholding of GoP, with the mandate of issuance of Credit Guarantees against financing in SME Sector. The ECC discussed and approved the proposal.

Ministry of Water Resources tabled a summary on a compensation package for the affected Chinese nationals of the Dasu Hydropower Project incident. The ECC after deliberation and considering the depth of our relationship with China approved the proposal of payment of US dollar 11.6 million as a goodwill gesture on a government level.

Ministry of Industries and Production presented a summary on the Urea fertilizer requirement for the remaining Rabi Season 2021-22.

The ECC approved a summary tabled by the Ministry of Information Technology & Telecommunication for the constitution of the Advisory Committee headed by the Finance Minister for the release of the IMT/5G spectrum.

Ministry of Information Technology & Telecommunication also presented a draft Policy Directive of the Pakistan Telecommunication ( Re-Organization) Act 1996 for renewal of the Cellular License of Pakistan Mobile Communication Limited (PMCL/Jazz).

The ECC after discussion approved the summary.

The ECC also approved the following Technical supplementary Grants:

1. Rs. 4 billion under the Pakistan Raises Revenue Programme (PRRP) for Financial Year 2021-22 for Federal Board of Revenue.
2. Rs. 5 billion in favor of Ministry of Planning, Development and Special Initiatives for the conduct of 7th Population & Housing Census.

iii.     Rs. 78.500 million for the projects of the ICT Administration, Islamabad by the Ministry of Interior.

1. Rs. 60 million for Ministry of Interior within sanctioned budget for the purchase of spare parts for Helicopter maintained by HQs Frontier Corps Baluchistan North.
2. Rs. 3 million equivalent to $ 17,133.06 within sanctioned budget for Ministry of Interior for purchase of spare parts for helicopter maintained by HQs Frontier Corps KP (North).
3. Re-allocation of Rs. 226.8 million surrendered funds for the year 2021-22 under Sustainable Development Goals Achievement Programme (SAP) in favor of the Interior Division for further release to the ICT Administration.

vii.    Rupee Cover of USD 65.00 Million( Equivalent to Rs. 11,960.0 Million) to M/o NHSR&C, committed by Islamic Development Bank, to utilize the IsDB loan under “IVAC Covid-19 Vaccine support for Pakistan.”