The Economic Coordination Committee (ECC) meeting headed by Finance Minister Shaukat Tarin on Monday approved import of 100,000 metric tonnes of sugar.
“The estimated sugar stocks by mid-November 2021 will be 200,000 metric tons, which are too low to maintain price stability in the domestic market”, the industries ministry said.
The committee approved Technical Supplementary Grants (TSGs) worth over Rs19.99 billion for various departments and ministries including Rs10 million for the Aviation Division, Rs1 billion for payment of disparity reduction allowance to concerned offices, over Rs1 billion for Frontier Corps Balochistan (South), Rs8 billion for the textile wing and Rs5.8 billion for the utilisation of foreign aid of National Disaster Risk Management (NDRM) projects.
The meeting also allowed an extension of the subsidy on five essential items through Utility Stores Corporation (USC) for 15 days from next month. The five commodities that would continue to be provided on subsidised rates include sugar, ghee, rice, flour, and pulses.
According to details, the Ministry of Industries and Commerce has demanded a six-month extension in the subsidy for which the ECC formed a committee to mull over the proposal and work out a future course of action in this regard.
The meeting also pended a decision on intervention price for Cotton 2021-22 Crop for at least a fortnight when the sowing would be completely over.
The committee debated at length the merits and timing of a repeatedly delayed summary of the ministry of national food security & research seeking Rs5,000 per 40-kg intervention price for a limited cotton produce. Based on data and charts, the ministry reported that while “comparing intervention period with that of non-intervention period, it reveals that cotton area and yield has increased during TCP intervention period — 1998-2010 — and decreased during the period without intervention — 2011-2020”.
