ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Monday approved the maximum provision of gas to Pak Arab and FFBQL to ensure smooth supply of urea fertiliser during Rabi season in the current fiscal year (FY22).
The meeting was held under the chair of Federal Minister for Finance and Revenue Shaukat Tarin at the Finance Division.
The Ministry of Industries and Production secretary presented a summary regarding the provision of gas to Pak Arab and Fauji Fertiliser Bin Qasim Limited (FFBQL) to review demand for urea fertiliser during the Rabi season.
After a detailed discussion, the ECC approved the maximum provision of gas to Pak Arab (58MMCFD) and FFBQL (63MMCFD) to ensure that the estimated demand is met through domestic production.
The said decision will stabilise prices of urea and ensure its smooth supply throughout the country during this year’s Rabi season.
Furthermore, the ECC also approved a summary presented by the Ministry of Information Technology and Telecommunication regarding the allocation of Rs2 billion as a single line budget for the Pakistan Software Export Board (PSEB), an apex government body, mandated to strengthen and promote the IT sector exports of Pakistan.
The meeting also approved the allocation of Rs4 billion to PSEB for disbursement of cash reward incentives in order to incentivise IT exports and to encourage documentation of exporters.
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, the Ministry of Commerce presented a Textile and Apparel Policy, 2020-25. After due deliberation, the ECC constituted a sub-committee consisting of representatives of the Ministry of Commerce, Finance Division, Ministry of Industries and Production, Power and Petroleum Divisions, FBR and State Bank of Pakistan (SBP) to review and present an updated policy before ECC in a couple of weeks.