Islamabad, March 21, 2023 (PPI-OT): Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar presided over the meeting of the Economic Coordination Committee (ECC) of the Cabinet, today. Federal Minister for Power Mr. Khurram Dastgir Khan, Federal Minister for Industries and Production Syed Murtaza Mahmud, Minister of State for Petroleum Mr. Musadik Masood Malik, SAPM on Finance Mr. Tariq Bajwa, SAPM on Revenue Mr. Tariq Mehmood Pasha, Federal Secretaries and other senior officers attended the meeting.
Ministry of Energy (Petroleum Division) submitted a summary on credit facility from Kuwait and presented that the Government of Pakistan is utilizing a credit facility extended by Kuwait Petroleum Corporation (KPC) against supply of Diesel Oil under the term contract with PSO since 2000 and the term contract is extended every year.
PSO deposits Rupee equivalent with NBP after 30 days from the bill of lading date of each shipment and NBP transfers the cargo cost to KPC, Kuwait. In the current situation, this account has witnessed huge exchange losses due to upheaval in the Rupee-dollar parity during the last 12 months.
The GoP is committed to cover these exchange losses. Considering the above situation, the ECC approved an immediate technical supplementary grant of Rs. 27 billion for Kuwait Petroleum Company.
The ECC considered a summary of Ministry of Kashmir affairs and Gilgit-Baltistan on Wheat supply to Gilgit-Baltistan and approved immediate release of 25,000 MTs to GB for the months of March and April, 2023to avoid shortage of wheat in the region, especially during the holy month of Ramzan.
Keeping in view current wheat price, the ECC granted additional amount of Rs. 2.9 billion through Technical Supplementary Grant to meet urgent requirement of Gilgit- Baltistan. The ECC further directed Ministry of KA and GB to submit a comprehensive plan for price rationalization in consultation with concerned stakeholders for consideration of the ECC within 30 days.
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