ECC approves enhancement of wheat procurement target for PASSCO

Committee also approved the import of 200,000 million tons of Urea to meet requirements for Kharif 

The Economic Coordination Committee (ECC) of the Cabinet on Tuesday approved to enhancement of the wheat procurement target for PASSCO from 1.40 to 1.80 million metric tons along with the required Cash Credit Limit for the purchase of additional quantity.

 The ECC  met here Minister for Finance and Revenue, Senator Muhammad Aurangzeb in the chair.

The ECC reviewed and approved several proposals from various government ministries and divisions. 

The committee also approved the proposal for the import of 200,000 million tons of Urea fertiliser to meet the requirements for Kharif 2024 as proposed by the Ministry of Industries and Production. 

The ministry was also directed to continuously assess the demand & supply situation of urea and suggest appropriate measures to the ECC in a timely manner. 

ECC also gave the go-ahead to the Ministry of Industries and Production’s request for the disbursement of salaries of PSM workers and directed the ministry to present a detailed plan for the future use of the asset according to timelines. 

ECC also allowed the Power Division’s request for the release of budgeted expenditures to clear the arrears of tariff differential subsidy of Rs. 70 billion for Karachi Electric and Rs 55 billion for AJK. 

This would help ease the liquidity requirements of the Power Sector. The ECC considered a summary to authorize BISP to arrange funds from its allocated budget for financing the Special Relief Package for Daily Wage Workers on the Chaman Border, highlighting government support for the vulnerable group. 

Further, the ECC considered and approved proposals for Technical Supplementary Grants, including:

Rs. 4.8 billion for the Pakistan Atomic Energy Commission.

Rs. 5.8 billion for the Earthquake Reconstruction & Rehabilitation Authority to clear matured liabilities of the contractors. The ECC approved  Rs. 3.2 billion to the Finance Division as rupee cover for the WB-funded Financial Inclusion and Infrastructure Project (FIIP) and Rs. 162 million to the Ministry of Housing & Works for Repair and Maintenance of Public Buildings in Islamabad. Rs. 2.2 billion to the Ministry of Interior for the FATA TDP-ERP Project was also approved.

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