ECC approves provision of 70mmg RLNG to fertiliser plants
ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Wednesday approved the provision of 70mmg regasified liquefied natural gas (RLNG) to Sui Northern Gas Pipelines-based plants, Agritech and Fatima Fertilizer, during the Rabi season 2021/22 to meet the urea demand.
The meeting also gave a green signal to the upgradation of the Federal Board of Revenue (FBR) website with a cost of Rs3.86 billion to protect from cyber-attacks.
Federal Minister for Finance and Revenue Shaukat Tarin presided over the meeting held at the Finance Division.
The Ministry of Industries and Production presented a summary, requesting for the provision of RLNG to SNGPL-based plants. The ECC approved the provision of RLNG with the directive to hold a consultative session with the representatives of the fertiliser manufactures to workout overall demand for urea in the country.
The ECC also directed to consider the possibility to import urea (if needed) to maintain buffer stocks.
The committee also gave a go-ahead to the Revenue Division (FBR) worth Rs3.86 billion as a bridge financing facility to upgrade the IT infrastructure in view of the increased frequency and severity of cyber-attacks and to ensure elimination of risk to the taxpayers’ data.
The ECC also considered and approved a summary tabled by the Aviation Division for the federal government cash support as required by the Pakistan International Airlines Corporation.
The national flag carrier has experienced a significant dip in its revenues and cash flows due to the pandemic and unprecedented travel bans/lockdowns imposed by various countries.
Moreover, the ECC also approved the enhancement of the existing approved guarantee, enabling PIAC to overcome its financial challenges.
The Ministry of Commerce presented a summary regarding revocation of the conditions of Minimum Export Price (MEP) on the export of surgical instruments with the exception of “single-use” surgical instruments.
After deliberations, the ECC approved that the necessary amendments be made to the Export Policy Order, 2020 to revoke the condition of MEP and to make exports competitive in the global market.
The Ministry of National Food Security and Research submitted a summary before the forum for the provision of wheat to AJK from the Pakistan Agricultural Storage and Services Corporation (Passco) stocks during the financial year 2021/22. The ECC approved the provision of 300,000 tonnes of wheat to AJ&K at the ratio of 80/20 as the mixture of local/imported stocks.
Finance Minister Tarin said that the government is firmly committed to stabilise prices of wheat and ensure its smooth supply at affordable prices across the country.
Among others, Federal Minister for Planning Asad Umar, Federal Minister for National Food Security and Research Syed Fakhar Imam, Federal Minister for Energy Hammad Azhar, Federal Minister for Maritime Affairs Syed Ali Zaidi, Federal Minister for Industries and Production Khusro Bakhtiar, Adviser to the Prime Minister on Commerce Abdul Razak Dawood, Minister of State on Information Farrukh Habib, Special Assistant to Prime Minister on Power and Petroleum Tabish Gauhar, Federal secretaries, FBR chairman, deputy chairman Planning and other senior officials participated in the meeting.
State Bank of Pakistan Governor Dr Reza Baqir also participated through a video-link.
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