ECC greenlights wheat import for flour export

ISLAMABAD: The Economic Coordination Committee (ECC) convened on Tuesday and sanctioned the import of wheat with the intention of exporting flour.

The Ministry of Commerce proposed the initiative titled "Permission to Import Wheat and Export of Wheat Flour under Export Facilitation Scheme 2021," which received unanimous approval from the ECC. The committee further instructed relevant ministries to develop comprehensive proposals to bolster value-added exports.

Chaired by Federal Minister for Finance, Revenue, and Economic Affairs, Dr. Shamshad Akhtar, the ECC meeting saw the attendance of various key figures including Minister for Privatization and Inter Provincial Coordination Fawad Hasan Fawad, Minister for Interior, Commerce & Industries Mr. Gohar Ejaz, Minister for Energy and Petroleum Division Mr. Mohammad Ali, Minister for Planning, Development and Special Initiatives Mr. Sami Saeed, Minister of Maritime Affairs, Communication and Railways Mr. Shahid Ashraf Tarar, Deputy Chairman Planning Commission Dr. Muhammad Jehanzaeb Khan, Advisor to PM on Finance Dr. Waqar Masood, and Federal Secretaries alongside senior government officials.

During the session, a summary from the Ministry of Commerce (Tariff Policy Wing) concerning "Individual Tariff Rationalization Proposals from Different Sectors for Review of Custom Duties" was deliberated upon and approved. The ECC stressed the necessity of coordinating tariff rationalization with the trade policy.

Additionally, the ECC gave the green light to a proposal from the Power Division regarding the "Commissioning of 1263 MW CCPP Punjab Thermal Power (Pvt) Limited, Jhang (PPTL)."

Another significant decision pertained to a proposal from the Ministry of Commerce regarding the "Sharing of Subsidy on Imported Urea on 50:50 Basis Technical Supplementary Grant for the Ministry of Commerce." The ECC endorsed the release of Rs. 6 billion to the Ministry of Commerce to settle arrears of subsidy from the previous fiscal year. It was clarified that no subsidy on this account has been allocated in the current fiscal year, with the ECC urging provincial governments to clear their respective arrears of subsidy on urea.

The Ministry of Planning, Development & Special Initiatives briefed the ECC on the country's inflation situation, prompting the committee to direct a thorough analysis of the data collected by PBS and its subsequent presentation for appropriate and timely measures.

In a bid to alleviate the financial burden on the public during Ramadan, the ECC approved the proposed Ramzan Relief Package-2024, allocating a subsidy of Rs. 7,492.75 million to targeted beneficiaries of BISP, as stipulated in the 2023-24 budget.