Islamabad, The Economic Coordination Committee (ECC) has taken decisive steps to streamline gas pricing for fertilizer plants and address recent surges in urea prices, alongside approving a series of financial and policy measures aimed at bolstering the country’s economy. This series of decisions was made during a meeting chaired by Caretaker Finance Minister Dr. Shamshad Akhtar in Islamabad today.
According to Ministry of Information and Broadcasting, the ECC’s recommendation for a uniform gas price for fertilizer plants is intended to align the sale price with the revenue needs of Sui companies, ensuring stability and predictability in the sector. This move is part of broader efforts to optimize resource allocation and support agricultural production, which is crucial for the country’s economy.
In response to concerns over the recent undue increase in urea prices, the committee has directed the Competition Commission of Pakistan to conduct a thorough investigation and assign responsibility for these hikes. This action underscores the government’s commitment to maintaining fair pricing and protecting consumer interests.
Furthermore, the ECC deliberated on proposals from the Federal Board of Revenue concerning the “Rationalization of Criterion of Enhanced Rate of 25 percent Sales Tax on Locally Manufactured and Assembled Vehicles.” After detailed discussions, the proposal was approved, signaling efforts to adjust tax rates in line with manufacturing and market realities.
The committee also considered amendments proposed by the Ministry of Commerce related to the “Import and Export of Precious Metal Jewelry and Gemstones Order, 2013” and the “Import Policy Order 2022.” To refine these export-oriented policy reforms, the ECC has directed the formation of a committee consisting of representatives from the Ministry of Commerce, Law, FBR, and SECP. These reforms aim to open up the service sector and enhance Pakistan’s export potential.
Additionally, the ECC approved the signing of a Share Subscription Agreement between the National Credit Guarantee Company Limited, Karandaz, and the Government of Pakistan through the Ministry of Finance. This agreement is part of broader efforts to facilitate business financing and stimulate economic growth.
The Intelligence Bureau’s request for additional funds worth Rs. 125 million to support operations against terrorism and anti-state elements also received ECC approval, highlighting the ongoing focus on national security.
Lastly, the ECC approved the Finance Division’s proposal for a Technical Supplementary Grant to provide rupee cover for the remaining funds of the first tranche of credit lines worth $85 million obtained from the World Bank, ensuring continued financial stability and support for development projects.
These measures reflect the ECC’s comprehensive approach to addressing current economic challenges, supporting key sectors, and ensuring the efficient implementation of policies for sustainable growth.