Finance Minister Asad Umar chairs ECC meeting

Finance Minister Asad Umar on Tuesday chaired the meeting Economic Coordination Committee of the Cabinet (ECC) here.

ECC reviewed the demand and supply situation of urea in the country. The Committee directed Ministry of Industries and Production to chalk out a plan for continuous and smooth operation of urea plants in the country throughout the year.

The exercise, ECC observed would help ensure availability of sufficient stocks of the fertilizer to meet demand of the farmers’ community.

The ECC while considering the proposal regarding provision of funds for personnel related dues in the Pakistan Machine Tool Factory (PMTF), directed Ministry of Industries & Production to share with the Committee, a strategy to revitalize the PMTF.

ECC observed that the institution had done great service for the engineering sector and had the potential to effectively carry on this role, for which it needed to be strengthened.

The ECC approved proposal of Ministry of Energy (Petroleum Division) for supply of up to 25 MMCFD additional gas from Adhi Gas Field to Sui Northern Gas Pipelines Ltd. (SNGPL) to meet the existing gas demand on the system.

ECC also discussed proposal of Ministry of Energy (Petroleum Division) for fuel supply agreement between Pakistan State Oil (PSO) and State Oil Company of Republic of Azerbaijan.

The Committee advised Ministry of Energy to carry out further consultations with stakeholders including Ministry of Commerce and Public Procurement Regulatory Authority before a final decision in the matter.

The Ministry of National Food Security & Research on the occasion submitted an update to the Committee on export of public sector’s surplus wheat/wheat products.