The Economic Coordination Committee (ECC) of the Cabinet has sanctioned an increase in the basket price of 220,000 metric tons of imported urea fertilizer.
The Ministry of Industries and Production, along with the National Fertilizer Marketing Limited (NFML), has been directed to finalize the implementation specifics of this decision.
However, the ECC has refrained from involving itself in the urea distribution mechanism previously agreed upon between the Ministry of Industries and Production and local fertilizer manufacturers, as well as decisions made by the Apex Committee of the Special Investment Facilitation Council (SIFC). These matters will be reviewed by the Federal Cabinet in its next meeting for ratification.
The ECC’s decision follows earlier resolutions, including the Cabinet’s ratification of the November 23 decision allowing the Trading Corporation of Pakistan (TCP) to import 220,000 metric tons of urea from SOCAR, Azerbaijan on a government-to-government basis. This import was intended to meet domestic demand and stabilize urea prices in the country.
Regarding the subsidy on imported urea, it was initially decided that the burden would be shared by the provinces. The government of Punjab agreed to lift the imported urea, sharing the subsidy on a 50:50 basis with the federal government.
The Sindh government committed to lifting its share of 52,800 metric tons at full cost. However, responses from Balochistan and Khyber Pakhtunkhwa are still pending.
The total cost for the import of 220,000 metric tons of urea is estimated at Rs 27.489 billion by TCP, with the landed price of a 50 kg urea bag estimated at Rs 6,248. Additional costs incurred by NFML, including transportation charges and storage, are approximately Rs 4.918 billion.
A meeting chaired by the caretaker Prime Minister on January 1, 2024, which included all four Chief Ministers and federal ministers, led to key decisions: treating locally manufactured and imported urea as one basket, determining a price matrix for local urea manufacturers, and forming a committee to finalize an implementation mechanism with urea manufacturers.
The Apex Committee of the Special Investment Facilitation Council (SIFF) further discussed the disposal of imported urea and subsidy sharing. An agreement was reached wherein urea manufacturers would lift the imported urea and include all related costs in their prices, with payment to NFML expected within 45 days of product lifting.
The ECC, after thorough deliberation, observed that the inclusion of financing costs by fertilizer manufacturers on their entire production might lead to an increase in fertilizer prices in the country.
It was clarified that the financing cost would be charged only on the imported urea. The forum also agreed that NFML should determine the release price of imported urea, and no additional subsidy would be provided once the basket price mechanism is enforced.
MY PERSONAL EXPERIENCE ON LOST CRYPTO RECOVERY!
I read so many stories about bitcoin loss to scams. I will like to start by saying the agencies responsible for bitcoin security has really done nothing to help locate stolen or lost coins. In my situation my MacBook was hacked by someone that had access to my emails, i immediately contacted blockchain and they only wasted my time, after which i worked towards getting help else where, i was referred to consult a bitcoin expert who helped track and retrieved my 3.3 btc, for an agreed fee. I was more than grateful and willing to pay more after the job was done. Thankful i didn’t fall victim and would like to recommend ( MORRIS GRAY 830 @ G maiL . COM )
This piece of writing will help the internet viewers to create a new weblog or even a blog from start to end.