Islamabad, To address the requirements of the Rabi season, the Economic Coordination Committee (ECC) has sanctioned the immediate import of 200,000 metric tons of Urea fertilizers. This decision was among several significant financial measures discussed and approved during today’s ECC meeting held in the capital.

According to a news release by the Ministry of Information and Broadcasting, today’s meeting was chaired by Dr. Shamshad Akhtar, the Minister for Finance, Revenue, and Economic Affairs. Among the decisions made, the meeting emphasized the importance of ensuring a continuous gas supply for the fertilizer industry. The provinces were also urged to take a leading role in shouldering the costs associated with the importation.

During the session, a summary from the Ministry of Energy concerning the revision of natural gas sale pricing for the current fiscal year was deliberated upon. Following extensive discussion, the ECC approved the revised tariffs, which will take effect from the start of the next month.

The Ministry of National Food Security and Research presented a summary regarding the cost-efficient import of one million metric tons of milling wheat for the ongoing fiscal year. The ECC gave its nod to this proposal and also backed an initiative to boost the private sector’s involvement in importing specific milling wheat, in alignment with the Ministry of Finance Notification from 14th November 2008 and in compliance with the 2022 import policy order.

In line with maintaining transparency, the ECC directed the Ministry to commission a third-party verification of the nation’s wheat stock.

Another significant topic of discussion was a summary by the Earthquake Reconstruction and Rehabilitation Authority. This summary sought approval for a Technical Supplementary Grant amounting to 484 million rupees. This fund is aimed at covering the salaries and allowances of 415 contract and project employees from July of the current year. To fund these salaries, the ECC instructed the Ministry of Planning, Development and Special Initiatives to pinpoint potential savings.

Lastly, the ECC deliberated on and subsequently approved a proposal from the Ministry of Finance for the formation of the National Credit Guarantee Company Limited. This establishment aims to bolster the credit enhancement of Small and Medium Enterprises in the country.