Pakistan Today (Karachi) - - BUSINESS -

THE Eco­nomic Co­or­di­na­tion Com­mit­tee (ECC) of the Cab­i­net on Mon­day en­dorsed con­tin­u­ing the fer­til­izer sub­sidy scheme and ap­proved ex­port of 300,000 tonnes of urea till April 28, 2017. Fi­nance Min­is­ter Ishaq Dar chaired the meet­ing. In pur­suance of the prime min­is­ter’s de­ci­sion, the ECC en­dorsed con­tin­u­a­tion of the pre­vi­ous fer­til­izer sub­sidy scheme for the FY 2016-17 on the same terms, con­di­tions and modal­i­ties. The gov­ern­ment is pay­ing Rs 200 per bag sub­sidy to sup­port the farm­ing com­mu­nity and agri­cul­ture sec­tor.

The com­mit­tee also ap­proved ex­port of 0.3 mil­lion tonnes of urea fer­til­izer till April 28, 2017 with­out any sub­sidy. The gov­ern­ment is pro­vid­ing Rs 200 per bag sub­sidy; how­ever, this sub­sidy will not be avail­able on ex­ports of fer­til­izer. The per­mis­sion of ex­port was given in view of around one mil­lion met­ric tonnes sur­plus urea fer­til­izer in the coun­try.

The ex­port quan­tity will be mon­i­tored by the State Bank of Pakistan like the mecha- nism adopted re­gard­ing sugar ex­ports. Fer­til­izer Re­view Com­mit­tee (FRC) will mon­i­tor do­mes­tic prices of urea on monthly ba­sis and in case of ab­nor­mal in­crease in re­tail price as per weekly sen­si­tive price index, the FRC will rec­om­mend to ECC dis­con­tin­u­a­tion of fur­ther ex­ports.

The ECC ap­proved, in prin­ci­ple, pay­ment of out­stand­ing claim of PASSCO on ac­count of sup­ply of wheat in 2008-2009, and di­rected the Min­istry of Na­tional Food Se­cu­rity and PASSCO to rec­on­cile the out­stand­ing amount with the Min­istry of Fi­nance. The ECC rec­og­nized the con­tri­bu­tions and ser­vices of re­cently re­tired Dr Waqar Ma­sood Khan and Nisar Muham­mad, both as ex-of­fi­cio par­tic­i­pants of the ECC, and as sec­re­tary of Fi­nance Di­vi­sion and, FBR Chair­man, re­spec­tively.

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