ECC approves cost sharing formula for imported urea

KARACHI: The Economic Coordination Committee (ECC) of the Cabinet approved the cost estimates for the import of urea on a cost sharing basis of 50:50 among the federal and provincial governments.

Federal Minister for Finance and Revenue Shaukat Tarin presided over the meeting on Thursday, where the committee approved the cost estimates for import of urea, amounting to Rs12.34 billion. The summary was presented by the Ministry of Industries and Production on the fixation of imported urea price.

The Ministry of Industries and Production also presented a summary regarding the uninterrupted supply of oxygen gas in the country for medical purposes during the meeting.

The committee approved duty and tax exemptions to products and goods, i.e., oxygen gas, oxygen gas cylinder and cryogenic oxygen tanks for health sector up to June 2022, to cope with the fifth wave of the Covid-19 pandemic in the country.

The ECC also gave a green signal to a summary submitted by the Finance Division on the expansion of Kamyab Pakistan Programme.

The meeting also approved a summary presented by the Ministry of Defence Production for extending the defence credit line facility of $50 million to Sri Lanka to enhance bilateral defence and security cooperation.

The Ministry of Industries and Production submitted a summary on the grant of arrival and priority berthing of the Trading Corporation of Pakistan’s (TCP) urea vessels at the Karachi Port Trust (KPT).

The ECC, considering the urgent requirement of urea in the country, approved the proposal.

The meeting also approved a number of proposals of supplementary and technical supplementary grants submitted by various ministries and divisions.

Federal Minister for National Food Security and Research Syed Fakhar Imam; Federal Minister for Planning, Development and Special Initiatives Asad Umar; Federal Minister for Industries and Production Makhdoom Khusro Bakhtiar; federal secretaries and senior officers attended the meeting.