Islamabad, March 14, 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 Industries and Production Syed Murtaza Mahmud, Federal Minister for Commerce Syed Naveed Qamar, Mr. Shahid Khaqan Abbasi MNA/Ex-PM, SAPM on Finance Mr. Tariq Bajwa, SAPM on Revenue Mr. Tariq Mahmood Pasha, SAPM on Government Effectiveness Dr. Muhammad Jehanzeb Khan, Federal Secretaries and other senior officers attended the meeting.
Ministry of National Food Security and Research submitted a summary on Cotton Intervention Price (CIP) for 2023-24 Crop and argued that announcement of CIP at this time, ahead of the main sowing season will help growers decide about the area and investment in cotton crop and expected to enhance yield and area by 10-15%.
To revive Cotton production in the country, bring stability in the domestic market and assure fair return to the farmers, the ECC after detailed discussion approved the proposal of MNFSR to fix Cotton(Phutti) Intervention Price at Rs. 8,500/40Kg for current sowing season.
The ECC directed MNFSR to constitute Cotton Price Review Committee (CPRC) with mandate to review market prices. The ECC further directed the Ministry to proactively involve the Cotton industry.
The ECC considered a summary of Ministry of Commerce on extension in the shipment period of sugar export and after detailed discussion allowed extension from 45 days to sixty (60) days’ time limit for shipment of sugar from date of quota allocation. National Disaster Management Authority (NDMA) submitted a summary on financial requirements for NDMA execution plan regarding Pakistan’s assistance for Turkey and Syria earthquake-2023.
It was informed that the devastating earthquake caused massive causalities in Turkey and Syria. To support the brotherly countries in their difficult time, NDMA was directed to maximize and extend full support from 6th February and onwards.
Considering timely help and support to brothers and sisters in Turkey and Syria, the ECC approved immediate allocation of Rs. 10 billion to NDMA for payment for procurement and transport of the goods to affected areas in Turkey and Syria.
Ministry of Energy (Petroleum Division) tabled a summary on liquidity requirement of PSO for import of Petroleum products in the country and argued that PSO is engaged in import of Liquefied Natural Gas (LNG) in the country to meet the energy requirement in terms of LNG and petroleum products. PSO is importing 8-9 LNG cargos per month whereas as per the contracts with LNG suppliers, PSO is obliged to clear the invoices within the time frame.
In order to enable PSO to remain afloat in its payment obligations to LNG suppliers and to continue LNG supply chain, the ECC allowed a sovereign guarantee in favour of SNGPL for commercial borrowing of Rs. 50 billion on immediate basis.
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