ECC approves fixing of maximum retail price of 25 drugs

ISLAMABAD: After a ban by the IMF on supplementary grants, the Economic Coordination Committee (ECC) of the Cabinet Monday approved a technical supplementary grant (TSG) of approximately Rs62 billion for the Sustainable Development Achievement Programme (SAP) and PM’s Youth Business and Loan Program. Minister for Finance Ishaq Dar chaired the committee meeting.

The Ministry of National Food Security submitted a summary for allocation of PASSCO’s wheat among the recipient agencies/provinces/areas for the year 2023-24 and informed the committee that the recipient agencies had demanded 2,488,000 MT wheat.

The ECC allowed the allocation of wheat at 50% local and 50% imported on weighted average price of the stock. It further directed all the recipients to pay full price of wheat and incidental charges, as there would be no financial liability on part of the federal govt for supply of wheat to the respective provinces/entities.

The ECC also directed the provincial governments to pay the PASSCO’s pending liabilities of Rs149 billion before signing MoUs for procurement of wheat.

Out of the total demand of 2,488,000 MT wheat for the food year 2023-24, the army demanded 175,000 MT, Air Force 10,500 MT, Pak Navy 2,500 MT, KP 1400,000 MT, GB 200,000 MT, AJK 300,000 MT and USC 400,000 MT wheat.

The Ministry of National Health Services, Regulations and Coordination submitted a summary for fixing maximum retail prices of 26 new drugs.

The committee also approved a summary of the Ministry of Industries and Production for amendments to the EPZA Rules, 1981 and EPZs (Control of entry and Exit of Persons and Goods) Regulations, 1994, to allow import of construction material from tariff area into EPZs of Northern region (Sialkot, Gujranwala and Risalpur) as well as all future EPZs in local currency instead of foreign convertible currency for their speedy colonization and achievement of optimum export targets, with the condition that this relaxation would be for locally manufactured products by Pakistani entrepreneurs for next five years.

The Power Division submitted a summary for approval of commissioning of 1,263 MW CCPP-Punjab thermal Power (Pvt) Limited, Jhang. It also approved a proposal of deferment of performance tests on HSD as required by the Punjab government and declaration of Commercial Operation Date (COD) of Punjab Thermal Power (Pvt) Limited on RLNG upon successful completion of commissioning test testing on RLNG.

The Petroleum Division submitted a summary for allocation of condensate to the Attock Refinery Limited and its freight charges adjustment through the IFEM. The ECC approved the proposal and allowed reallocation of 5,000 BPD condensate to the ARL from UEPL’s Naimat Facility.

The committee also approved Rs47,149 million as TSG in favour of Ministry of Housing and Works for execution of development schemes under SDGs Achievement Program (SAP) in Punjab, Sindh, Baluchistan and KPK provinces, Rs10 billion as TSG in favour of PM’s Youth Business & Agriculture Loan Scheme (PMYB&ALS) surrendered from PM’s Youth Program for small loans, Rs2,725 million as TSG in favour of Power Division for execution of development schemes of Punjab, Sindh, KP and Balochistan under Sustainable Development Goals Achievement Program (SAP), and Rs1,016.000 million as TSG in favour of Petroleum Division for execution of gas schemes in Punjab under the SAP.