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Tuesday April 23, 2024

ECC okays Rs6bn Centre share of grant for imported urea

The Forum, despite the refusal of Sindh and Balochistan to bear the cost of 50 percent for imported urea for their respective sharing

By Mehtab Haider
February 14, 2024
This representational image shows a man holding urea in his hand. — Pexels
This representational image shows a man holding urea in his hand. — Pexels

ISLAMABAD: To provide relief to the general public during Ramazan, the Economic Coordination Committee (ECC) on Tuesday approved the proposed Ramazan Relief Package-2024, for the provision of Rs7.49 billion subsidy to the targeted beneficiaries of Benazir Income Support Programme (BISP).

The Forum, despite the refusal of Sindh and Balochistan to bear the cost of 50 percent for imported urea for their respective sharing, approved for release of Rs6 billion as a technical supplementary grant as a share of the federal government.

Sindh and Balochistan had refused to bear the cost of 50 percent for imported urea. In light of the refusal conveyed by the two provincial governments to pay their share of subsidy in the imported urea, the Finance Division may devise a mechanism for recoveries against each province.

The ECC deferred a summary for amendment in the import-cum-export scheme of IPO-2022 to allow the temporary import of automobiles for repair/ restoration works in Pakistan and subsequent re-export.

A summary of the Ministry of Commerce (Tariff Policy Wing), regarding “Individual Tariff Rationalisation Proposals from Different Sectors for Review of Custom Duties” was discussed in the committee. The forum after deliberations approved the proposal and r advised that tariff rationalisation should be coordinated with the trade policy.

A proposal regarding “Permission to Import Wheat and Export of Wheat Flour under Export Facilitation Scheme 2021” was presented to the forum by the Ministry of Commerce. The ECC approved the proposal and directed the relevant ministries to prepare comprehensive proposals for enhancing the opportunities for valued-added exports.

The ECC also approved a summary of the Power Division regarding the “Commissioning of 1263 MW CCPP Punjab Thermal Power (Pvt) Limited, Jhang (PPTL)”.

Another proposal of the Ministry of Commerce regarding “Sharing of Subsidy on Imported Urea at 50:50 Basis Technical Supplementary Grant for Ministry of Commerce” was considered by the Committee. ECC approved the proposed release of Rs6 billion to the Ministry of Commerce.