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February 20, 2020

ECC approves procuring 8.25m tons of wheat in coming season

National

February 20, 2020

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Wednesday approved procurement of 8.25 million tons of wheat through public sector at support price of Rs1365 per 40 kg for coming season in order to avoid shortages.

Earlier the support price of wheat stood at Rs1250 per 40 kg. Now with the approval of the ECC it has been jacked up from Rs1250 to Rs1365 per 40 kg. The ECC also slapped ban on export of onion till May 30, 2020. The food inflation hovering around 20 to 24 percent in rural and urban areas with headline inflation standing at 14.6 percent in January 2020 had become real problem for the incumbent PTI led regime but the economic managers are hoping that the headline inflation would start receding from next month. The weekly Sensitive Price Index (SPI) had witnessed declining trends in food prices in last few weeks. The ECC also approved provision of Rs636.05 million as TSG to NDMA to cope with the Locust threat all over the country. The ECC met under the chairmanship of Adviser to PM on Finance and Revenues Dr Abdul Hafeez Shaikh here at the Cabinet Division on Wednesday night. The ECC allowed public sector procurement of 8.25 million tons of wheat @ Rs1365 allowed for coming season. If need arises 0.5 million tons will be imported around the year to cater for any shortages. The ECC also allowed additional 100000 tons of wheat allocated to KP, 50000 additional to Sindh from Passco to cater for scarcity in the provinces before the next crop comes.

On a summary moved by the Ministry of Energy, Power Division for “1263.2 MW RLNG based power generation project near Trimmu Barrage by Punjab Thermal Power (PVT) Limited –Firm Gas take off” ECC allowed “GSA to be signed by SNGP on “As available” basis with Trimmu. The technical supplementary grant of Rs451.681 million for Naya Pakistan Housing and Development authority approved during the current financial year.

Technical Supplementary Grant (TSG) of Rs110 million approved in favour of Ministry of Planning & Development for Afghan projects. The ECC granted approval of TSG of 5.9 million for capacity building of teachers training institutes and training of elementary teachers in former Fata, GB, AJK, ICT approved. The ECC also imposed ban on export of onion till 30th May 2020.

The ECC approved amendment in Import Policy Order 2016 (SRO 237(1)/2019) approved (Halal logo from country of origin to be cleared by customs till 30th April 2020. Nomenclature of export oriented industries clarified and Finance Division shall release subsidy within 14 days on the receipt of claim by Petroleum Division.

The ECC allowed import of controlled chemicals by commercial importers including acetone, anthracitic acid, ethyl ether, hydrochloric acid and sulphuric acid allowed.