ISLAMABAD, The Economic Coordination Committee (ECC) has given the green light to an urgent import of 200,000 Metric Tons of Urea fertilizers to cater to the demands for the upcoming Rabi season. This move, among others, was discussed in a comprehensive session chaired by the Minister for Finance, Revenue, and Economic Affairs, Dr. Shamshad Akhtar.

According to a new release by Ministry of Information and Broadcasting, the committee convened today in Islamabad, where several pivotal economic matters were addressed. Among the key directives, the ECC emphasized the need for a consistent gas supply to the fertilizer industry. Additionally, provincial governments will be approached to shoulder a portion of the importation costs.

Further into the meeting, the committee considered a summary from the Ministry of Energy regarding the modification of natural gas sale pricing for the ongoing fiscal year. After extensive discussions, the ECC ratified the summary, with the new tariffs taking effect from the start of the upcoming month.

A separate submission by the Ministry of National Food Security and Research sought approval for the cost-effective import of one million metric tons of milling wheat for the present fiscal year. This summary received the ECC’s endorsement, in line with the Ministry of Finance Notification from November 14, 2008, provided it adheres to stipulations in the import policy order of 2022. For transparency, the ECC instructed a third-party review of the nation’s wheat stock.

The forum also reviewed a proposal from the Earthquake Reconstruction and Rehabilitation Authority, which sought a Technical supplementary Grant of 484 Million rupees to cater to salaries and allowances of 415 contractual and project-affiliated personnel from July this year. In response, the ECC tasked the Ministry of Planning, Development, and Special Initiatives with pinpointing savings to fund the salaries of the ERRA employees.

Additionally, a Ministry of Finance summary regarding the foundation of the National Credit Guarantee Company Limited was presented. This company is envisioned to enhance the creditworthiness of Small and Medium Enterprises (SMEs). After contemplation, the ECC granted approval for its establishment.