– Committee approves export one million metric tonne surplus sugar
– Special committee formed to address K-Electric issues
ISLAMABAD: Finance Minister Asad Umar chaired the meeting of the Economic Coordination Committee (ECC) of the federal cabinet on Tuesday.
At the outset, the consideration of proposal regarding tariff rationalization for the power sector was deferred on the request from the finance and power divisions, who asked for further time to deliberate the proposed revisions.
The ECC approved, after detailed discussion, the proposal from the Commerce Division for export of one million metric ton (1-MMT) surplus sugar. No freight or financial support will be provided to millers/exporters by the federal/provincial governments in this regard.
Only those sugar mills will be allowed to export sugar which have paid arrears to farmers for all the crops up to 2017-18. Moreover, an inter-ministerial committee will have fortnightly meetings to review sugar stock, export and price situation.
On another proposal of Ministry of Commerce, the ECC accorded approval for revision of cess rates of tobacco for the year 2018-19 as determined by the Pakistan Tobacco Board. It may be added that prices of various types of tobacco are fixed every year and cess rates are also revised.
In consideration of a proposal submitted by the Ministry of Privatization, ECC approved disbursement of Rs375 million on account of net salary for the employees of Pakistan Steel Mill for the month of August 2018.
The committee directed immediate formation of a special committee comprising representatives from finance, power division, auditor general of Pakistan, Ministry of Petroleum, and Federal Board of Revenue (FBR) to address various issues pertaining to transfer of shares of K-Electric.
It may be mentioned that the ECC earlier on 3rd September had directed the Privatization Division to deliberate upon the issues pertaining to the sale of K-Electric in consultation with petroleum and power divisions. In order to further facilitate the resolution of various issues, the formation of the special committee has now been ordered.
ECC was given a detailed briefing by the Ministry of Petroleum relating to the LNG terminals. The committee directed the Ministry of Law to examine the legal agreements with regard to the terminals to see whether the government could revisit the terms and conditions contained therein.
ECC, while taking notice of the sudden hike in cement price, directed the adviser on industries to have met with the representatives of the industry, apprise the committee of the causes of a price increase and also suggest possible remedies.
The committee also approved the proposal from the Ministry of Defence Production for a sovereign guarantee to back the export of JF-17 Thunder Aircrafts by PAC Kamra.
