Pakistan set to allow import payments to Afghanistan in Rupee

• The ECC of the Cabinet agreed a 10 percent regulatory charge on the import of motor spirit.
• The decision was made during a meeting of the ECC convened in the Finance Division.
• The committee will also consider approving technical supplemental funds.

A meeting of the Economic Coordination Committee (ECC) has been called by Finance Minister Miftah Ismail to discuss, among other things, the subject of making import payments to Afghanistan in Pakistani rupees.

Sources claim that the ECC meeting, which will be presided by by Miftah Ismail, would consider an eight-point agenda. They added that it included authorisation for the import of 120,000 tonnes of wheat for Afghanistan as well as payment of imported goods from Afghanistan in Pakistani rupees.

According to insiders, the summit will also discuss approving funding for markup payments to be made by large electrical complexes and declaring a national disease emergency to address lumpy skin disease.

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The committee will also consider approving technical supplemental funds for the ministries of economic affairs and planning.

The Economic Coordination Committee (ECC) of the Cabinet agreed a 10 percent regulatory charge on the import of motor spirit at its most recent meeting.

The decision was made during a meeting of the ECC convened in the Finance Division under the chairmanship of Federal Minister of Finance and Revenue Miftah Ismail.

A summary of the regulatory duty imposed on the import of motor spirit was provided by the Ministry of Commerce.

It was reported that the China Pakistan Free Trade Agreement exempts Motor Spirit (MS) from the 10 percent Customs Duty imposed by the Fifth Schedule of the Customs Act of 1969. (CPFTA).

Following deliberation, the ECC approved the imposition of a regulatory charge of 10% on the import of MS in order to remedy this anomaly.

A summary for the release of funds for SSGC to supply gas to Pakistan Steel Mills was submitted by the Ministry of Industries and Production (PSM). It was claimed that low flame gas of 2 MMCFD was being supplied to Pakistan Steel Mills (PSM) as a result of the company’s decision to cease production, with an average monthly bill of Rs80 million. This gas was primarily used to maintain the Coke Oven Batteries and refractories kilns (Approx.).

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