ECC approved maximum provision of gas to Pak Arab (58MMCFD) and FFBQL (63MMCFD)
ECC also approved the allocation of Rs. 4 billion to PSEB for disbursement of cash reward incentive in order to incentivize IT exports
ISLAMABAD ( Web News )
Federal Minister for Finance and Revenue, Mr. Shaukat Tarin, presided over the meeting of the Economic Coordination Committee (ECC) of the Cabinet, held at the Finance Division. Federal Minister for Industries and Production Khusro Bakhtiar, Federal Minister for Energy Hammad Azhar, Federal Minister for Railways Azam Khan Swati, Minister of State for Information Farrukh Habib, Advisor to PM on Commerce Abdul Razak Dawood, Federal Secretaries and other senior officers participated in the meeting. Secretary, Ministry of Industries and Production presented a summary regarding provision of gas to Pak Arab and Fauji Fertlizer Bin Qasim Limited (FFBQL) to review demand for urea fertilizer during the Rabi season 2021-22. After detailed discussion, the ECC approved maximum provision of gas to Pak Arab (58MMCFD) and FFBQL (63MMCFD) to ensure that estimated demand for urea fertilizer is met through domestic production. The said decision will stabilize prices of urea fertilizer and ensure its smooth supply throughout the country during Rabi season 2021-22. The ECC considered and approved a summary presented by the Ministry of Information Technology and Telecommunication regarding allocation of Rs. 2 billion as a single line budget for Pakistan Software Export Board (PSEB), an apex Government body, mandated to strengthen and promote the IT sector exports of Pakistan. Moreover, the ECC also approved the allocation of Rs. 4 billion to PSEB for disbursement of cash reward incentive in order to incentivize IT exports and to encourage documentation of exporters/exports. The cash reward incentive shall be provided for the IT and IT-enabled services exporters promoting export proceeds through banking channels via SBP allocated banking codes. Lastly, Ministry of Commerce presented a Textile and Apparel Policy, FY 2020-25. After due deliberation, the ECC constituted a sub-committee comprising of representatives of Ministry of Commerce, Finance Division, Ministry of Industries and Production, Power and Petroleum Divisions, FBR and State Bank of Pakistan to review and present an updated policy before ECC in a couple of weeks.