ECC allows TCP to import urea from China

The Economic Coordination Committee (ECC) of the Cabinet allowed the Trading Corporation of Pakistan to import 200,000 MT Granular Urea from China on a G2G basis on deferred payment.

The ECC meeting was held under the chair of the minister for finance Miftah Ismael.

The Ministry of Industries and Production submitted a summary on the Chinese offer for the import of Urea by TCP on a G2G basis. 

ECC after deliberation allowed TCP to import 200,000 MT Granular Urea from China on a G2G basis on a deferred payment basis within 90 days.

The Ministry of National Food Security and Research submitted a summary on modalities framed for the import of 3.00 MMT of wheat in the light of the decisions of the ECC of the Cabinet on 09-05-2022 and the Federal Cabinet on 10-05-2022. 

The ECC after discussion allowed the import of 2 MMT on a G2G basis while 1 MMT through an international tendering process under the existing arrangement. PASSCO will be the recipient agency for the imported wheat. 

The ECC further directed the MNFS&R to get the requirements of Wheat by the provincial governments.

On another summary of Ministry of National Food Security & Research for Ramzan Package subsidy on wheat flour- bridge financing facility for Punjab Food Department, the ECC decided that in case subsidy is not approved by the Punjab Cabinet, the shortfall will be bridged by the Federal Government but Punjab will ensure that provincial cabinet approves the package as soon as its meeting is convened.  

The ECC also approved a summary submitted by the Pakistan Atomic Energy Commission for grant of extension in the construction period of K-2 from 30th November 2020 to 21st May 2021 and K-3 from 30th September 2021 to 18th April 2022 for ensuring disbursement of the pending loan of  $383 million (approx.) before the expiry of loan availability on 03-06-2022 from Exim Bank, China to the contractor, who has already completed the project. 

The Ministry of Industries and Production submitted a summary on the continuation of the PM relief package – 2020 for the months of May and June 2022 through USC. The ECC after deliberation allowed the continuation of the existing subsidy for two weeks on essential commodities (Atta, Sugar, Rice, and Pulses), and Rs100 per kg subsidy on Ghee at USC. 

The Finance Division will also release the outstanding amount on account of subsidy under the PM Relief Package – 2020 approved by the ECC for the previous months.